Michael Mianelli, Chairman of Z/YEN Group, is giving a lecture on the topic of 'The Role of Finance in Enhancing Korea's International Reputation and Strengthening National Competitiveness' at a seminar hosted by the Institute for Global Economics at the Lotte Hotel in Jung-gu, Seoul, on Nov. 27. /Courtesy of Yonhap News

Michael Mainelli, chairman of Z/Yen Group, said on the 27th, "The Global Financial Centers Index (GFCI) wants to achieve the world's number one ranking, but in order to do so, attention must be paid to scores in all areas such as investment management, professional services, and regulations."

Mainelli noted during the forum held at the Lotte Hotel in Jung-gu, Seoul, that "connectivity is important for a city to play a successful financial hub role."

The forum was held under the theme "Strategies for enhancing Korea's international credit and national competitiveness: the role of finance." Jun Kwang-woo, chairman of the Financial Services Commission, delivered the opening remarks, while former Prime Minister Chung Un-chan and Seoul Mayor Oh Se-hoon attended the event to deliver congratulatory messages.

At the forum titled 'The Role of Finance in Enhancing Korea's International Reputation and Strengthening National Competitiveness' hosted by the Institute for Global Economics at the Lotte Hotel in Jung-gu, Seoul, on Nov. 27, Michael Mianelli, Chairman of Z/YEN Group (left), Jun Kwang-woo, Chairman of the Institute for Global Economics (center), and Oh Se-hoon, Mayor of Seoul (right), are exchanging greetings. /Courtesy of the Institute for Global Economics

Mainelli took the stage as a special speaker that day. He is currently the chairman of Z/Yen Group and the London Chamber of Commerce and Industry. He has also served as the honorary mayor of the London Financial District from 2023 to the previous year. Z/Yen Group is a UK-based global consulting group that rates and publishes the GFCI scores of major cities worldwide.

Mainelli evaluated that, "This year, Seoul ranked 10th globally in the GFCI announced by Z/Yen Group," adding that "Seoul has a solid regulatory system and a dynamic environment that make it competitive as an international financial hub." However, he pointed out that "as Seoul's score in the institutional sector is low, there is a need for marketing related to this, and the score in the eco-friendly sector is also relatively low."

He also argued that fair treatment is a fundamental strategy for establishing a successful financial hub. Mainelli stated, "Regulatory authorities must apply regulations fairly to everyone," adding that "there must also be a universal perception that '(Seoul) treats everyone fairly' among foreigners."

Additionally, Mainelli emphasized the importance of upholding the rule of law, attracting global talent, and maintaining reputation as requirements for an international financial hub.