News
Busan rises, ranks 23rd on Global Financial Centres Index
The city recently completed Phase 3 of the Busan International Finance Center, a mixed-use complex in Munhyeon-dong, Nam-gu District. It houses over 170 businesses and organizations.
Busan Metropolitan City ranks 23rd in the latest Global Financial Centres Index, marking its highest position to date and reflecting the city's solid foundation and financial competitiveness on the world stage.
The GFCI, a collaboration between London-based consultancy Z/Yen and the China Development Institute, is a prominent ranking of 120 major financial centres worldwide. Published biannually in March and September, the GFCI serves as a key resource for policy and investment decision makers.
Busan's 23rd-place ranking continues its upward ascent since it debuted at 46th place in 2018. When broken down by region, Busan ranks 8th in Asia/Pacific, just behind Beijing, but ahead of cities like Sydney, Osaka and Guangzhou.
According to the report, Busan "benefits from cutting-edge digital infrastructure and reliable utilities, [which creates] an environment that strongly supports financial services and global business operations."
A key driver of Busan's steady ascent up the GFCI rankings has been the city's expansion of financial infrastructure. The city recently completed Phase 3 of the Busan International Finance Center, a mixed-use complex in Munhyeon-dong, Nam-gu District. The new 45-story skyscraper houses over 170 businesses and organizations.
Other contributing factors include continued expansion of policy funds for corporate growth and industrial innovation, such as the Busan Future Growth Venture Fund, the Busan Innovation Scale-up Venture Fund and the Busan Future Industry Transition Fund; and the concentration of major institutions in Busan, including the global shipping broker Clarkson and the marine finance-specialized asset management firm Waterline, which have strengthened core infrastructure and financial market foundations.
Z/Yen also evaluates cities' financial technology offerings. Busan ranks 16th out of 116 cities on the FinTech index, climbing six spots since last year. The rise reflects Busan's potential as a tech-driven finance leader. Much of this success stems from securing new growth engines in digital finance, such as attracting Korea's first dedicated trading platform for fractional investment distribution, KDX Consortium, and leveraging Busan's status as the nation's only blockchain regulation-free zone.
A Busan City official stated, "With Busan's core strengths centered on maritime and digital finance, Busan will continue to implement distinctive, innovative strategies for even greater growth. Aiming to break into the global top 20 and Asia's top 5 by 2030, Busan is committed to solidifying its reputation as a premier international financial and commercial hub."