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City works hard toward global financial epicenter

△BIFC's growing infrastructure will bolster community relations.

BIFC Expansion

Busan begins construction of the third stage of the Busan International Financial Center (BIFC), which will play a key role in marking the city as an Asian financial hub. The office space will span more than 45 floors.

The third phase is expected to be effective for previous development projects for financial-related resident institutions, with space for attracting and integrating digital convergence financial workspaces such as FinTech and blockchain. The goal is to attract and gather related vital institutions to create an Asian financial hub city. 

In particular, the city hopes to use this as a steppingstone to create a digital finance valley. "D-Valley," as it would be called, would be an ecosystem for the fourth industrial revolution and digital financial innov-ation. The valley will be created by integrating 200 companies related to FinTech, blockchain and ICT, which are based on the fourth industry. 

The workspace will serve as a place for secondary public institutions such as Korea Development Bank to move and solidify Busan's Financial District. Additionally, it will provide a locale for public living facilities such as a daycare center, a library and a local community space making life more convenient for all Busanites. In 2009, Busan was selected as the country's designated financial district. The first phase of BIFC, consisting of 63 floors, was built in 2014 and the second stage in 2018.

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△Mayor Park and participating companies discuss ongoing collaboration plans and activities.

Blockchain innovation clusters

Blockchain companies in metropolitan areas are flocking to Busan and anticipating that the move will invigorate the local economy through participation in blockchain innovation clusters. The city signed an investment business agreement with 15 offshore blockchain enterprises, composed of 11 companies that have moved or plan to relocate their head-quarters to Busan and four new investment companies, including Tesla Korea, Daeyoung Chaevi and Brave Entertainment. They agreed to actively cooperate to make the city the No.1 representative blockchain innovation cluster in Korea.

Participating companies are focusing on research, development and investments. Blockchain technology includes online transactions, payment systems, development and digital content research. City Hall plans to fully support these companies in establishing successful business models and settling stably in the region.