Busan Finance Center (BFC)

From a hub of marine logistics to an AsiaPacific-Asia gateway.

Busan Metropolitan City is the key starting point of the future Silk Road Express (SRX), the railway which will connect Busan with Europe through China and Russia. As such, SRX will empower Busan to grow from a logistics city in Northeastern Asia to the mecca of world logistics.

As of 2019, Busan Port is the sixth-largest container port in the world and the largest port in Korea which processes 75% of container cargoes entering or exiting Korea. It is a super-port that processes more than 21 million TEU of containers annually. Moreover, it is the center of Northeastern logistics which trades with approximately 500 ports in 100 countries around the world.

Busan will build its global presence as a world-class port and logistics hub in Northeastern Asia by opening 45 berths in Busan New Port by 2020. Furthermore, a logistics center equipped with cutting-edge systems will be constructed in the hinterlands of Busan at minimized lead time.

Hub for exchanging knowledge and creating ideas.

Using Korea Train Express (KTX), Seoul is 2H20M and Incheon International Airport is 3H40M(1H flight from Gimhae Airport) away from Busan. From Gimhae Airport, there are more than 1,000 direct flights to more than 40 cities around the world every week. When traveling via Incheon, there are 4,500 direct flights to 169 cities.

The geographical proximity (within maximum 3~4H flight) to China, Japan, and many other countries gives Busan a strategic role of connecting major economies with emerging markets. The city offers networking opportunities by hosting many international conferences and attracting international organizations such as the Financial Action Task Force Training and Research Institute (FATF TREIN). Busan is moving to be the hub for exchanging knowledge related to compliance.

The City of Busan has proven to be one of the best convention cities in the world, hosting 212 international conferences as of 2018 (ranked 4th in Asia, 12th in the world) according to the Union of International Association (UIA). For example, the City hosted the General Meeting of the African Development Bank (AfDB) in 2018 and has successfully hosted the ASEAN-Republic of Korea Commemorative Summit in November 2019.

Clustering financial infrastructures and fostering talents and start-ups.

Since 2009, Busan Metropolitan City has been developing a financial hub by relocating major public institutions including KSD, KAMCO, and others. Following the successful launch of the BIFC, the center is now housing more than 30 institutions from both domestic and international organizations.

To enhance the City’s expertise in the field of finance, Busan International Finance Institute was founded in 2014 to run 45 programs with 8,400 trainees per year. In addition, a graduate school of finance focused on maritime and derivatives were established in 2018 with 40 students enrolled. In addition, Derivatives Research & Development Center was established within KRX. In relation to the maritime system, Marine Finance Center and Korea Marine Corporation were recently opened, and Korea Ocean Business Corporation was launched to support the market.

Lastly, Busan City has been focusing on creating a Fin-tech industry ecosystem by closely collaborating with major domestic institutions (BNK Financial Group, Korea Exchange, Korea Deposit Insurance Corporation, and KOSCOM), which are also members of the Global FinTech Industry Promotion Center. Furthermore, the City consistently works with a global shared office company such as WeWork to provide a friendly environment and customized growth support program for start-ups.

From film festivals to foreigner-friendly neighborhoods.

With over 12 million tourists visiting Busan annually for its uniqueness, the City is globally known for its international film festival, featuring 324 films from 79 countries every year. By hosting many other film events such as the Asian Film Market and Asian Film Academy, Busan is gradually and distinctively building up its reputation as the city of film.

To better assist foreign investors with regional stations and offices, the City operates Busan Global Center which offers medical/legal consultation with cultural education programs. Also, there are consulates and social organizations from various countries and cultural backgrounds to enrich the living experience in Busan.

The City is currently undertaking the "North Port Redevelopment Project." The project will once again establish Busan as an international city by creating a Eurasia gateway that will connect the Pacific with the continent, provide city residents with various waterfront areas, and seek to restore the functions of Busan’s old city center.