Busan International Financial Center Enters GFCI
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On March 15, the City of Busan announced that it was selected as one of the new entrants into the *Global Financial Centres Index (GFCI) published by the Z/Yen Group which ranks the competitiveness of financial centers.
Although entering the index for the first time, Busan was ranked 27th, ahead of such leading financial cities as Dubai (29th), Osaka (34th) and Paris (36th). Additionally, the city was ranked 2nd in the category of “Ten centers likely to become more significant in the next few years,” followed by Singapore (3rd), Hong Kong (4th), and Seoul (7th).
In the report for the Asia-Pacific region, Busan ranked 8th ahead of Osaka and Beijing as one of the most promising financial centers most likely to make further advances, and gain more prominence globally going forward.
The report was based on results collected from September 2013 through March 2014 by the Z/Yen Group, which uses two different sources of data: instrumental variables and responses to an online questionnaire. The first source of data includes such factors as infrastructure, financial sector development, business environment, human capital, etc. to indicate the competitiveness of financial centers. The second source of data, an online survey, gathers responses from international financial services professionals.
Busan began its plan to establish itself into a global financial center in 2009.
Ahead of the completion of the Busan International Financial Center (BIFC) in June 2014, the City of Busan has focused on promoting the BIFC as a financial hub targeting ship finance and derivatives. The city has been systematically preparing itself to become a global financial hub through providing overseas business presentations and relocating public agencies and relevant financial institutions to Busan.
The BIFC has been internationally recognized for its global competitiveness as a global financial center along with Seoul and is expected to attract more global financial institutions to Busan.
To read the full report of The Global Financial Centres Index 15, please visit at
*The Global Financial Centres Index is a ranking of the competitiveness of financial centres based on over 26,000 financial centre assessments from an online questionnaire together with over 80 indices from organizations such as the World Bank, the Organization for Economic Co-operation and Development (OECD) and the Economist Intelligence Unit. It is compiled and published twice a year by Z/Yen Group and sponsored by the Qatar Financial Centre Authority.
