Busan City Houses Two Foreign Financial Firms on the Road to Becoming Blockchain, Fintech Hub
The city of Busan said Monday that it has chosen two financial companies, UIB Korea and Lina One, as the new occupants of Decacorn-Space — an office space on the 63rd floor of the Busan International Finance Center (BIFC) — in an effort to position the southern port as the nation’s blockchain and fintech hub.
Busan has been running an open call for foreign financial institutions to move into the recently renovated space since June. After a rigorous two-step evaluation process, UIB Korea and Lina One were selected, the city said.
This comes as part of Busan’s efforts to further develop the BIFC and become a major financial powerhouse in Korea.
“We have been relocating public financial institutions, fostering financial experts, and exploring new growth drivers such as fintech, blockchain, and digital innovation,” the city’s mayor Park Heong-joon explained.
About UIB Korea and Lina One
UIB Korea, or UIB Insurance Brokers, is the Korean branch of UK-based UIB Group — a global insurance broker that offers risk management advisory services. In particular, the firm is set to work with other domestic companies such as DB Insurance and Meritz Fire & Marine Insurance to establish a consortium for providing insurance products and consulting services.
Meanwhile, Lina One is the Korean branch of Chubb Group, the world’s largest publicly traded property and casualty insurance company. One of the firm’s major goals is to promote the insurance information technology market in Busan.
Notably, both companies aim to leverage their digital capabilities, experience, and competitiveness to achieve similar goals, which include digitizing insurance for various partners, ranging from maritime and industrial companies to regional banks, fintech companies, and individuals. In turn, their efforts are expected to expand Busan’s network with the larger global financial community and present the city as an ideal spot for international conferences.
On the road to becoming a financial hub
Despite considerable challenges such as the withdrawal of foreign financial institutions from Korea and the impact of COVID-19 on international travel, the city has continuously made efforts in collaboration with the Busan Finance Center to attract international financial institutions through events like investor relations meetings and local networking activities.
To support the successful landing of these companies in Busan, the city will also offer one-stop services such as business model development support and residential settlement consultations.
Once settled, UIB Korea and Lina One are expected to generate significant synergy with partner firms such as local financial holding company BNK Financial Group during the third phase of the development of the BIFC whose objective is to house innovative financial workspace by 2025.
“It is crucial for us to attract more competent domestic and foreign financial institutions that will have a great impact on the city’s financial economy,” Mayor Park emphasized.
