News
BIFC adds two international firms
The Busan International Finance Center in Munhyeon-dong.
After a rigorous review, Busan City has selected UIB Korea and LINA One as the newest occupants of the Busan International Finance Center in Munhyeon-dong, Nam-gu district. The two international insurance companies will move into Decacorn-Space, an office space on the 63rd floor of the BIFC.
Busan Mayor Park Heong-joon welcomed the companies and reaffirmed his commitment to making Busan a global financial hub. The moves will advance the city's blockchain and fintech industries.
UIB Korea is a subsidiary of U.K.-based UIB Group, one of the world's largest insurance and reinsurance brokerages. As part of its entry into BIFC, UIB Korea will form a consortium with domestic companies DB Insurance and Meritz Fire & Marine Insurance to provide safety management consulting and insurance products to marine and key industry companies in Busan.
LINA One is part of U.S.-based Chubb, the world's largest publicly traded property and casualty insurance company. The firm aims to advance the insurance information technology market in Busan. LINA will work with area banks and financial technology companies to digitize insurance for companies and individuals. It will also promote digital innovation in maritime and derivative finance and liability insurance.
Busan will provide comprehensive services, such as support for discovering business models, consulting on Korea's financial industry, networking opportunities and programs to help the companies and their foreign employees settle in the city. The companies are expected to move into D-SPACE before the year's end.