BUSAN METROPOLITAN CITY ORDINANCE ON FOSTERING AND SUPPORTING THE FINTECH INDUSTRY
Enforcement Date: Aug. 13, 2025
Enacted by Busan Metropolitan City Ordinance No. 7695, Aug. 13, 2025
Busan Metropolitan City (Finance & Blockchain Division)
- Article 1 (Purpose)
- The purpose of this Ordinance is to prescribe matters to foster and support the fintech industry in Busan Metropolitan City, thereby promoting innovation-driven growth of the financial industry, strengthening competitiveness, and contributing to regional economic development.
- Article 2 (Definitions)
- The terms used in this Ordinance are defined as follows:
- 1. The term “fintech industry” means an industry that provides new technologies or services which, by utilizing information and communications technologies and other digital-based technologies, induce innovation in the financial industry;
- 2. The term “fintech enterprise” means an enterprise engaged in the fintech industry.
- Article 3 (Responsibilities of the Mayor)
- The Mayor of Busan Metropolitan City (hereinafter referred to as the “Mayor”) shall identify, promote, and support necessary policies to foster the fintech industry and thereby develop the local economy.
- Article 4 (Relationship with other ordinances)
- Except as otherwise provided by other ordinances, matters concerning the fostering and supporting the fintech industry shall be governed by this Ordinance.
- Article 5 (Formulation and implementation of a Basic Plan)
- (1) The Mayor shall, each year, formulate and implement a basic plan of Busan Metropolitan City for the fostering and supporting the fintech industry (hereinafter referred to as the “Basic Plan”) including the following matters. In such cases, annual performance under the Basic Plan shall be evaluated and the results shall be reflected in the Basic Plan for the following year:
- 1. Goals and strategies for fostering and supporting the fintech industry;
- 2. Identification of new businesses opportunities and support for startups in the fintech industry;
- 3. Support for technology development related to the fintech industry;
- 4. Cultivation of professional human resources for the fintech industry;
- 5. Establishment of and support for infrastructure for the fintech industry;
- 6. Other matters the Mayor deems necessary.
- (2) Where necessary for formulating the Basic Plan, the Mayor may conduct fact-finding surveys on the fintech industry both domestically and internationally.
- Article 6 (Support for fintech enterprises)
- The Mayor may provide the following support to fintech enterprises:
- 1. Support for attracting investment at home and abroad;
- 2. Consulting and legal support related to financial regulation;
- 3. Stage-specific infrastructure and managerial support;
- 4. Other matters the Mayor deems necessary.
- Article 7 (Establishment of the Committee)
- (1) To advise on the following matters regarding the foster and support for the fintech industry, the Busan Metropolitan City fintech industry promotion committee (hereinafter referred to as the “Committee”) composed of experts in the fintech industry and in attracting financial investment shall be established:
- 1. Formulation of and advice on the Basic Plan;
- 2. Formulation of policies for attracting and fostering fintech enterprises;
- 3. Improvement of systems to promote the fintech industry;
- 4. Advice on other matters the Mayor deems necessary.
- (2) The functions of the Committee under paragraph (1) shall be performed by the Busan Metropolitan City policy advisory Committee on technology startups under the Busan Metropolitan City Ordinance on Support for Technology Start-ups. In such cases, the said policy advisory Committee on technology startups shall be deemed the Committee under paragraph (1).
- Article 8 (Financial support)
- (1) In accordance with the Basic Plan under Article 5, the Mayor may subsidize, within budgetary limits, all or part of the necessary expenses to institutions, corporations, or organizations that carry out projects for promoting and supporting the fintech industry.
- (2) Methods and procedures for subsidizing expenses under paragraph (1) shall be governed by the Busan Metropolitan City Ordinance on the Management of Subsidies.
- Article 9 (Entrustment of affairs)
- (1) For the efficient promotion of affairs under this Ordinance, the Mayor may entrust all or part of the affairs to the following institutions or organizations:
- 1. Public research institutions;
- 2. Institutions invested in or contributed to by the Government or Busan Metropolitan City;
- 3. Other specialized institutions or organizations related to the fintech industry.
- (2) Where affairs are entrusted under paragraph (1), matters not prescribed in this Ordinance shall be governed by the Busan Metropolitan City Framework Ordinance on Entrustment and the Busan Metropolitan City Ordinance on Entrustment and Agency of Affairs to Public Institutions.
- Article 10 (Establishment of a cooperation system)
- To promote and support the fintech industry, the Mayor may establish a cooperation system with academia, institutions, and enterprises both domestically and internationally.
- Article 11 (Awards)
- The Mayor may grant awards, in accordance with the Busan Metropolitan City Ordinance on Awards, to individuals or institutions and organizations recognized as having made distinguished contributions to fostering and developing the fintech industry of Busan Metropolitan City.
ADDENDUM
Ordinance No. 7695, Aug. 13, 2025
- Article 1 (Enforcement date) This Ordinance shall enter into force on the date of its promulgation.
- Article 2 (Amendment of other ordinances) Part of the Busan Metropolitan City Ordinance on Support for Technology Start-ups shall be amended as follows:
Subparagraph 7 of Article 6 moved to subparagraph 8, and subparagraph 7 shall be added as follows: 6. Matters concerning each subparagraph of Article 7 (1) of the Busan Metropolitan City Ordinance on Fostering and Supporting the Fintech Industry.
