Busan City Begins Phase 3 Construction of Asia Financial Hub 'Busan International Financial Center' → Completion in 2025

Published 09 Mar.2022 13:07(KST)

Updated 10 Aug.2025 14:43(KST)

Fintech, Blockchain, and ICT Companies' Digital Converged Financial Services

Busan International Finance Center (BIFC) Phase 3 Bird's-eye View.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Busan City announced on the 9th that it will begin construction of the ‘Busan International Financial Center (BIFC) Phase 3 Project,’ which will serve as a core function of the Asian financial hub, in collaboration with Busan Urban Corporation.

Daewoo Construction, the developer of the Busan International Financial Center Phase 3, submitted the Phase 3 development commencement report to Nam-gu Office on the 28th of last month and plans to proceed with full-scale development, aiming for completion in the second half of 2025.

The Phase 3 development project held a private sector business operator contest in April 2020 and signed a business agreement in October of the same year. In October 2021, it received building permission from Nam-gu Office.

Phase 3 of the Busan International Financial Center will be developed within the Busan International Financial Center in Munhyeon-dong, Nam-gu, on a site area of 10,293.8㎡ and a total floor area of 146,553㎡, consisting of 5 basement floors and 45 above-ground floors as office space.

This Phase 3 development project plans to provide digital convergence financial workspaces such as fintech and blockchain, attracting and concentrating key financial institutions befitting the vision of an Asian financial hub city. It is also expected to maximize synergy with the existing Phase 1 and 2 development projects.

Busan City plans to cluster 200 companies based on the 4th industrial revolution, including fintech, blockchain, and information and communication technology (ICT) companies, to create a digital financial valley (D-Valley), an ecosystem for the 4th industrial revolution and digital financial innovation.

It will be utilized as relocation space for secondary financial public institutions such as KDB Industrial Bank, which can dramatically enhance the Busan financial center.

In addition to essential financial workspaces, public living facilities such as workplace daycare centers, children’s financial libraries, and community space infrastructure will be developed to provide convenience to employees of resident companies.

Since Busan was designated as a financial center in 2009, institutions such as the Korea Technology Finance Corporation, Bank of Korea Busan Headquarters, and BNK have individually moved into BIFC. Phase 1 of the Busan International Financial Center, a 63-floor building, was completed in June 2014, and Phase 2 was completed in November 2018, housing 35 institutions including the Korea Exchange, Korea Asset Management Corporation, and Korea Securities Depository. It functions as the largest financial hub in the southern region with about 4,500 employees.

Park Hyung-jun, Mayor of Busan, said, “Through the full-scale promotion of Busan International Financial Center Phase 3, we will elevate our status as a marine and derivative financial center, expand financial business facility infrastructure, and further enhance global competitiveness in new financial industries such as digital finance.”

The mayor added, “To establish ourselves as an Asian financial hub city, we will lead the attraction of capable domestic and international financial institutions and the relocation of secondary public institutions such as KDB Industrial Bank through infrastructure development.”