Busan has attracted six foreign-affiliated finance companies as preferred successful tenants to the D(Decacorn*)-Space in the Busan International Finance Center (BIFC).
*A decacorn is a company valued at over $10 billion.
「D(Decacorn)-Space BIFC」 was built to foster the financial industry in Busan - strengthening Busan’s role as a financial hub specializing in maritime and derivatives finance by attracting foreign financial institutions; expanding Busan’s financial industry ecosystem through the promotion of digital finance, such as fintech; and raising Busan’s profile as Asia’s financial hub.
Attracting six foreign financial companies to BIFC is being touted as a meaningful achievement during a worldwide economic slump caused by the COVID-19 pandemic.
The city has promoted the space through global economic media, online investment briefings and networking.
As a result of the city’s efforts, eight foreign companies from five countries submitted their applications for moving into BIFC (63rd floor) in October. After a selection procedure (document and interview evaluation) in November, six companies were selected as successful candidates.
The major evaluation measures are:
▲ Collaboration and growth with Busan’s financial industry
▲ Finance firms, which have big synergistic effects with Fintech-related businesses (including blockchain, AI (artificial intelligence), Big Data)
▲ Finance firms which are able to maximize infrastructure and synergistic effects with Busan’s financial industry
The six preferred successful candidates include: Hong Kong’s BMI Group Limited, GBR Capital Limited, Winsome Group, US-affiliate Citibank Korea, Huobi Indonesia, Israel-based Yozma Group Korea and others.
For three years, companies can use about 10 square meters of space per person for free. Expenses for maintenance and interior designs should be borne by institutions moving into BIFC; companies are allowed to stay for up to 25 years based on evaluations every three years.
The Busan Metropolitan City Government will provide administrative assistance measures, such as business support and interpretation services so that these foreign corporations can make a smooth transition into the city.
If these companies successfully settle and engage in full-fledged business activities, it is expected that more diverse financial business models will be created by expanding the scale of the third stage of the Busan International Financial Center, which is scheduled to begin construction next year and be completed by 2025
For more information, please contact the Service & Finance Division at (051)888-4882