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Writer Invest Seoul Day17-09-26 15:05 View204

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Seoul Metropolitan Government to Establish Strategies to Rise as a Financial Hub City, Based on Know-how Gained from Industry Leaders from Tokyo, Paris, and Sydney

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Presentations on promoting the fintech industry (Tokyo, Sydney) and on financial strategies in response to Brexit (Paris).

Tokyo: Making Efforts to Promote Asset Management and Fintech Industry, Intends to Invite Korean Asset Management Enterprises to EMP

Paris: Presentation on the French Governments Strategy to Rise as the New Financial Center in the Wake of Brexit

Sydney: Hopes to Promote Cooperation Between the Two Cities in the Fintech Industry Through Means Including Tyro Fintech Hub

Seoul to provide provisional measures on establishing an appropriate market system including the fostering of fintech experts, and facilitating sustainable finance.

Seoul Metropolitan Government (SMG) has announced that it will promote policies that reflect the know-how gained from experts in global financial centers including Tokyo, Paris, and Sydney, so that Seoul can rise as a new international financial hub.

At Seoul International Finance Conference 2017 on September 21st (Thu), representatives from Tokyo, Paris, and Sydney pointed out that fintech industry should be the key industry promoted in the digital economy era.

As well, the experts in finance suggested that sustainable finance, which can enhance the sustainability of the society and economy, should be further strengthened. Based on the policy cases of the three global financial centers, SMG will strengthen its high-tech financial infrastructure, including the fintech industry, and reinforce the basis on which sustainable finance can be expanded.

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<Tokyo: Making Efforts to Promote Asset Management and the Fintech Industry,
Intends to Invite Korean Asset Management Enterprises to EMP>

Tokyo, East Asias leading financial center, is focusing on promoting asset management and the fintech industry. Tokyo has founded the Advisory Panel for Global Financial City Tokyoto establish new incentives and work for deregulation in order to attract foreign financial institutions, and is making joint efforts with the private sector to invite foreign asset management enterprises.

Tokyo is fostering new asset management enterprises inside and outside of Japan by implementing theEmerging Manager Program (EMP), which works to promote the entire industry and attract foreign enterprises. We hope that Korean asset management enterprises will participate in the program, said Keiichi Aritomo, the Representative Director of the Consortium for Japan International Asset Management (JIAM) Center Promotion.

 

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<Paris: Presentation on the French Government's Strategy
to Rise as the New Financial Center in the Wake of Brexit>

Alain Pithon, the Secretary General of Paris Europlace who presented Paris strategy of promoting the city to make itself an international financial center, introduced the policy direction pursued by the French government of making Paris advance as the leading European financial center following the UKs exit from the European Union.

Key policies pursued by the French government include ▲reducing the corporate tax from 33.3% to 28% to attract foreign financial institutions and transactions, and providing full-scale administrative support services, ▲improving infrastructure, including through operating night express trains, ▲ enhancing living conditions for executives and employees of foreign financial institutions, including reform of the income tax system and establishing more foreign schools, and ▲fostering incubators and accelerators specializing in the financial sector for the promotion of the fintech industry.

Thanks to the focused support of the government, Paris is showing better results in all 12 indices of the European Financial Center Index, including the market, employment, and R&D, than other European cities such as Frankfurt or Amsterdam, exclaimed Mr. Pithon.

 

 

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<Sydney: Hopes to Promote Cooperation Between the Two Cities in the Fintech Industry
Through Various Approaches, Including the Tyro Fintech Hub>

Sydney is rapidly advancing as the new Asian financial hub. The number of fintech enterprises in Australia has grown rapidly, from less than 100 in 2014 to 579 in 2017. The funds invested in these enterprises surpass 670 million dollars. Mr. Eamon Waterford, the Director of the Policy Committee for Sydney, highlighted the Asset Management Industrybased on the Superannuation Fund exceeding 2.2 trillion dollars, and the Fintech Industry, a newly growing industry, as the focal points of Sydneys strategy to rise as a financial hub city.

However, he also suggested that existing regulations are currently hindering the growth of fintech enterprises, and pointed out that regulatory reform through cooperation with the government was a top priority. Mr. Waterford also commented that the city is reinforcing its role as a fintech hub, focusing on Stone&Chalk, Tyro Fintech Hub and other enterprises. Tyro Fintech Hub signed a cooperative MOU with SMG for the promotion of the fintech industry in 2016.

Based on the examples of these three cities, SMG is currently promoting the establishment of a stable fintech ecosystem by opening Seoul Fintech Lab in Seoul Startup Hub next year, so that the city can avoid lagging behind in the competitive global fintech market. The city also plans to open and operate a Fintech Expert Training Academy to turn elite IT professionals into fintech experts.

SMG is currently reviewing the foundation of a new joint consultation group between the local government and the private sector, by benchmarking similar groups in Paris or Luxembourg. Also, to enhance the role of the financial sector in providing solutions in areas such as social and economic sustainability, the city will continue promoting policies related to sustainable finance.

 Collecting information regarding policies and regulatory reform pursued by these global financial centers will give Seoul a great asset in making a leap toward becoming a financial hub not only of East Asia, but in the global market, exclaimed Dongrok Suh, Head of Seoul Economic Planning Headquarters, adding we will maintain our efforts to establish strategic policies that can make Seoul become a financial hub city that is capable of leading the ever-changing global financial market.

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