The Financial Services Commission plans to launch a review process within the year to decide whether to designate Jeonbuk as a financial hub.
The Financial Services Commission (FSC) on the 19th held the 53rd Financial Hub Promotion Committee (Geumchuwi) meeting and reviewed an evaluation plan for designating Jeonbuk as a financial hub.
On the day, the Geumchuwi received a report on the evaluation plan—evaluation factors, indicators, and scoring—prepared by the research agency together with the evaluation panel. After deliberation, it finalized the evaluation plan for designating Jeonbuk as a financial hub. The research agency and the evaluation panel plan to conduct a document-based review and on-site due diligence in the third to fourth quarters of this year in line with the finalized plan. Based on the research agency's evaluation results, the Geumchuwi plans to deliberate within the year on whether to designate Jeonbuk as a financial hub.
Jeonbuk State on Jan. 29 submitted to the Financial Services Commission (FSC) a "Jeonbuk financial hub development plan." To ensure a fair and professional evaluation, the Financial Services Commission (FSC) from February to April invited bids for research services for the "evaluation for designating the Jeonbuk financial hub," and in May selected the research agency.
The Geumchuwi also selected four key tasks to foster a financial hub: boosting innovation in the financial industry, building global-level financial infrastructure, revitalizing the capital market, and strengthening support for the financial hub. First, to boost innovation in the financial industry, it will activate financial innovation services that reflect shifts of the era such as demographic changes and advances in artificial intelligence (AI) and digital technology. It will enhance the financial regulatory sandbox and create an environment where financial innovation, including Fintech, can take place.
It will lead key issues in the rapidly changing financial environment, such as the convergence of financial and nonfinancial sectors and the expansion of sustainable finance, and support the advancement of the domestic financial industry. To revitalize the capital market, it will improve systems and infrastructure to be friendly to foreign investors. It also plans to enhance the credibility of the capital market and advance the asset management industry.
The Financial Services Commission (FSC) will actively support the overseas expansion of domestic financial firms and strengthen communication with foreign financial companies that have entered the domestic market. It will also establish and implement tailored financial hub strategies that reflect the regional characteristics of Seoul and Busan.