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Writer Invest Seoul Day17-09-26 14:39 View1,262


Directions for the Financial Sector in the Era of the 4th Industrial Revolution to be Discussed at Seoul International Financial Conference 2017

SIFIC to take place on 21st (Thu), to seek effective measures for the financial sector in response to the political and economic uncertainties of the digital economy. SIFIC will focus on establishing strategic measures for Seoul, considering the competencies of global financial center cities, including Tokyo, Paris, and Sydney. Regulatory reforms and innovative measures appropriate for the current era of constant change, and new directions for ‘sustainable finance’ to be sought. The city expects SIFIC will be a meaningful event for gathering the insights of global economic and financial experts regarding the direction of the financial sector in the current wave of constant change.

The era of the digital economy has spurred discussions on research and development in various industrial fields with the aim of leading the global trend. Seoul Metropolitan Government has announced that the city will be hosting Seoul International Finance Conference (SIFIC) 2017 on September 21st (Thu) at Conrad Seoul Yeouido, to seek measures to promote the financial industry in the era of the digital economy.

This year’s SIFIC, with the main theme of “Era of the Digital Economy and Future of the Financial Industry,” is composed of three sessions, with the following titles: ▲ Role of the Financial Industry in an Era of Uncertainty, ▲ Strategy of Global Financial Center Cities, and ▲ Era of the Digital Economy and Financial Industry, and Sustainable & Responsible Finance. Approximately 300 financial experts from Korea and abroad are expected to participate in the event.

During the Keynote Session, under the theme ‘Future of the Financial Industry : Threats and opportunities,’ speeches will be given by Nikunj Jinsi, the Global Head of Venture Capital at International Finance Corporation(IFC), and Nicolas Mackel, the CEO of Luxembourg for Finance (Agency for the Development of the Financial Centre).

During the 1st session, under the title ‘Role of the Financial Industry in an Era of Uncertainty,’ Jae S. Yoon, the Chief Investment Officer of New York Life Investment Management, and Jeff Galvin, Partner at McKinsey will take the podium.

○ CIO Yoon will share his perspectives on how the current era of extreme uncertainty may act both as a crisis and a window of new opportunity, and how Seoul should respond to these situations and create momentum for development. 

○ Partner Jeff Galvin will suggest directions for startups and existing enterprises in making changes to the financial industry.

The second session will analyze the competencies of global financial center cities, including Tokyo, the leading financial hub of Asia, Paris, the rising financial hub of Europe, and Sydney, which is emerging as a big name in the global financial industry based on their abundant pension fund. Then, based on the strategic approaches used by each of these cities, the potential measures Seoul may take in order to become the financial hub of Northeast Asia will be discussed.

○ Tokyo is the representative financial center of Northeast Asia. The city has continuously been ranked highly in the Global Financial Centres Index (GFCI), and was also ranked 5th this year, facing fierce competition in the Asian market, including from Singapore (3rd) and Hong Kong (4th). 

Tokyo's Strategy to be a Financial Center City : Keiichi Aritomo, Representative Director and Founder of The Consortium for Japan International Asset Management Center Promotion (JIAM)

○ To establish the financial infrastructure through the development of La Defense New Town and emerge as the new financial hub of Europe after Brexit, Paris has been actively promoting its status as a financial center with Europlace (a private-public joint consultative group) at the center.

The strategies of Paris Europlace and implications for Seoul : Approximately 180 government organizations and financial institutions have formed a joint consultative group and commenced the reformation to enhance the attractiveness of the Parisian financial market, and promoted a financial cluster to help the city to rise as the new European financial hub.

[Speaker] Alain Pithon, Secretary General of Paris EUROPLACE (Joint consultative group for promotion of French financial industry)

○ Sydney has recently been emerging as a global financial center based on its active asset management business through Australia’s abundant national wealth, including its pension fund. The city made its way to the top 10 list of GFCI, which was announced last March.

Sydney’s Future Plan for Financial Industry : Dr. Tim Williams, CEO of the Committee for Sydney

In the last session, Vice President and Professor of Finance at Soongsil University Beom Sik Jang and Professor of the College of Business Administration at Inha University Jong Dae Kim will moderate a discussion on measures to reform regulations and promote innovation under the theme ‘Era of the Digital Economy and Financial Industry,’ and consider the steps Seoul should take to promote the financial industry given a global trend that emphasizes climate change and governance under the title ‘Sustainable and Responsible Finance’.

○ The discussion session on ‘Era of the Digital Economy and the Financial Industry’ will suggest directions for how Seoul’s financial industry can utilize Korea’s competence in information technology, and introduce innovative measures to reform existing regulations, in the era of the digital economy represented by artificial intelligence and IoT.

○ The discussion session on ‘Sustainable and Responsible Finance’ will observe how the factors of the global economy, including climate and the environment, society, and governance, can be reflected in the decision-making process of the financial industry, the global trends on developing products or services in relevance to these factors, and what steps Seoul can take to facilitate sustainable finance.

“This year’s SIFIC is a meaningful event for the city in gathering insights from global economic and financial experts regarding the direction for the financial sector in the current wave of constant change,” exclaimed Dong-rok Suh, the Head of Seoul Economic Planning Headquarters, adding, “The city anticipates the active participation not only of government officials, but also of professionals in the financial sector, the general public, and particularly university students who hope to work in the financial sector in the future.”


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