O Se-hoon Visits Dubai: "Goal is Top 5 Financial Hub... Leading City in Industry and Fintech"

On the 6th (local time), Seoul Mayor Oh Se-hoon stated, "Seoul's ultimate goal is to become a global top 5 financial hub." To achieve this, Mayor Oh plans to enhance Seoul's competitiveness on the global stage by leveraging human capital and the city's brand. He particularly declared his intention to transform Seoul into a 'leading city of innovative finance' based on the bio and AI (artificial intelligence) innovation centers established throughout the city.

Mayor Oh, who embarked on a 5-night, 7-day business trip to the United Arab Emirates (UAE) starting from the 5th, delivered a keynote speech at the 'Dubai Fintech Summit' attended by global financial leaders that morning, presenting this development direction for mutual cooperation between Dubai and Seoul.

The 'Dubai Fintech Summit,' held at the Jumeirah Resort, has been hosted since last year under the patronage of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Deputy Prime Minister. This year, to explore the development direction of fintech and the financial industry, over 8,000 global financial leaders from 100 countries and more than 200 companies gathered to discuss under the theme of 'Pioneering the Future of Fintech.'

On the 6th (local time), Seoul Mayor Oh Se-hoon delivers the keynote speech titled "Global Economic Innovation Hub - Seoul" at the Dubai Fintech Summit.
[Photo by Seoul City]

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Mayor Oh's keynote speech was made at the invitation of the Dubai International Finance Center (DIFC), which highly evaluated Seoul's potential as an emerging global financial hub. In November last year, Seoul and DIFC signed a cooperation MOU to establish a cooperation network between the two cities, jointly develop startup programs, and mutually link and participate in major international conferences such as Seoul Fintech Week and Dubai Fintech Summit.

In his keynote speech titled 'A Global Economic Innovation Hub-Seoul,' Mayor Oh presented Seoul's development directions as a global top 5 city, including Seoul's strengths as a global financial city, its role as a leading city of innovative finance, and as a global digital financial hub.

The reasons Seoul has become the world's 10th largest financial hub include abundant and talented human capital, economic and cultural brand power, and the world's number one ICT digital infrastructure. Mayor Oh said, "It is also the result of efforts to abolish excessive regulations and to create a financial cluster in Yeouido."

Regarding Dubai, he evaluated, "By establishing a regulatory-free financial zone and fintech innovations such as Dubai Pay, it has become the number one financial hub in the MENA region," highlighting the similarities with Seoul. Mayor Oh added, "While writing the book 'Future' in 2019, I felt that Seoul and Dubai share very similar efforts toward innovative change. I am confident that if Seoul and Dubai cooperate, we can create a better 'future' together."

On the 6th (local time), Seoul Mayor Oh Se-hoon delivering the keynote speech on the theme "Global Economic Innovation Hub - Seoul" at the Dubai Fintech Summit.
[Photo by Seoul City]

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As a measure to become a global top 5 financial hub, he emphasized strengthening 'human capital' and 'city brand.' In particular, as a plan to attract overseas talent, he promised to improve living conditions by expanding English-friendly cities, foreign residential facilities, and schools to support the foreign population.

He also announced plans to host two major international events this year to raise Seoul's brand. Mayor Oh said, "We plan to hold the 14th Seoul Fintech Week and Smart Life Week," and previewed, "In October, we will have an engaging discussion on how cutting-edge technology and fintech will make our lives more convenient and enriched."

He mentioned the 'Climate Companion Card,' a symbol of Seoul's innovative finance and transportation policies. Through these successful policies, he aims to make Seoul a city where AI and fintech converge in various fields, triggering a chain reaction of technological innovation called the 'Fintech Techno Big Bang.' Mayor Oh added, "Seoul's public transportation is the best of the best in the world," and "We will soon launch the Climate Companion Card for foreign tourists."

Additionally, he stated, "Support for startups as a financial hub is a given," mentioning support for digital asset startups and the expansion of the digital asset ecosystem, promising to strengthen Seoul's role as a 'global digital financial hub.'

On the 6th (local time), Seoul Mayor Oh Se-hoon attentively listening to the opening keynote speech at the 'Dubai Fintech Summit.'
[Photo by Seoul City]

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