How will the financial market change in the post-COVID-19 era?
The 2020 Seoul Finance Week & Seoul International Finance Conference took place at Yeouido for three days from Wed. to Fri. on Nov. 4–6, 2020, to seek the strategies for the development of the finance of Seoul and check its opportunities and competitiveness. It comprised five events, including the grand opening of the expansion of Seoul Fintech Lab, the largest institutions of the kind in the nation, as well as a contest for discovering promising financial and fintech companies, and a keynote speech by Jim Yong Kim, former president of the World Bank, for the Seoul International Financial Conference.
First, on the first day of the Seoul Finance Week (Nov. 4), there was the Intellectual Property (IP) Competition, which was jointly held by the Seoul Metropolitan Government (SMG) and the Korean Intellectual Property Office (KIPO) to discover promising companies in finance and fintech areas that have excellent IP. Four companies were selected through the final screening and were supported with the patent voucher that is worth a total of KRW 32 million.
Additionally, Digital Finance Open Class was livestreamed online from the Digital Finance MBA School in Yeouido and everyone could participate in it from everywhere. The class introduced trends in digital finance, including non-contact industrial technology of which the development is accelerated due to COVID-19, such as AI and fintech, easily enough for the regular citizens.
On the second day (Nov. 5), the 2020 Seoul International Finance Conference, celebrating its 10th anniversary, was held at the Conrad Hotel in Yeouido. Jointly held by the SMG and the Financial Supervisory Service (FSS), the event took place both online and offline, inviting eminent experts from Korea and abroad who presented the direction and the trend of the international finance industry.
Jim Yong Kim (US; partner and vice president of Global Infrastructure Partners), physician and former president of the World Bank, as well as Jacques Attali (France; CEO of Attali & Associés), a renowned author and scholar, delivered their keynote speech under the theme of “Post-COVID-19 Era and Digital Finance Innovations” and presented ways to respond in the age of changes and the strategies for Seoul to become a financial hub.
On the last day (Nov. 6), the grand opening of the expansion of Seoul Fintech Lab took place on the 20th floor of Seoul Fintech Lab, which was expanded to station 100 companies with 1,000 financial innovators.
Seoul Fintech Lab, which is the largest of its kind in the nation, where not only fintech start-ups but various partner organizations, such as the FSS, KIPO, Hana Bank and the Korea Fintech Industry Association (KORFIN), are stationed together, is becoming developed as the hub of the fintech ecosystem.
On the same day, there was the IR Competition where excellent fintech start-ups could meet the investors. Eight fintech start-ups that had been selected through the preliminary screening participated in the event that was jointly held by the SMG, FSS and KORFIN. Also they were chosen to receive the grand prize of KRW 15 million.
More information about the 2020 Seoul Finance Week & Seoul International Finance Conference is available on the official website (https://www.sific.kr).