SEOUL, SOUTH KOREA, July 30, 2020 — The Seoul Metropolitan Government announced that it will open the “Seoul International Financial Office (SIFO)” in Yeouido*, Korea’s financial mecca, in this coming October.
* Yeouido was designated as the nation’s financial hub in 2009 according to the Act on the Establishment and Development of Financial Centers.
To be located on the 16th floor of the Seoul International Financial Center (“One IFC”), the SIFO is a dedicated space for domestic and international financial institutions, featuring offices of various sizes that can accommodate from one to 30 people.
With the completion of the SIFO, the Seoul Metropolitan Government invites a total of ten financial institutions that will be in that SIFO from July 29 to August 21. Applications will be accepted for two days from August 20 to 21. The finally selected institutions will be allowed to move into the SIFO from the end of October.
The companies interested may get more detailed information and the documents to be submitted from the Seoul Metropolitan Government’s website (www.seoul.go.kr). Applications should be submitted to the Economic Policy Division at the Seoul Metropolitan Government. Those unable to visit the City Hall may apply online (email@example.com). The final selection will be made through written evaluation and face-to-face interviews around the end of August.
The eligible companies for the application are the head offices, branches, and regional headquarters of domestic and foreign financial firms, and finance-related international organizations or non-profit corporations or groups that have a plan to newly locate or re-locate their office in Yeouido. Also, financial institutions that plan to run temporary offices to check the area before they decide to move in Yeouido are eligible for the application.
The final selection will be conducted based on comprehensive evaluations of the applicants’ organizational capacity, human resources’ expertise, and contribution to the area’s financial industry, such as attracting investment and creating jobs.
Each selected firm is allowed to use an independent office space within the SIFO for two years. After the two years, they can stay there for up to three years (five years in total) through performance evaluation. They also can use a lounge for networking, international conference rooms, seminar rooms, and meeting rooms free of charge.
Besides, various support programs will be offered including legal and investment consulting, educational seminars, networking with financial firms in Yeouido, and provision of foreign executives and employees.
The Seoul Metropolitan Government plans to foster the SIFO as a hub for the domestic and international financial industry while making it the key to enhancing the financial competitiveness of Yeouido by linking it with “Seoul FinTech Lab*,” and “Financial Graduate School,” a digital financial education hub.
* In Seoul FinTech Lab, about 640 financial institutions and 70 FinTech companies are currently located.
Networking events and IRs will be held throughout the year to link financial institutions in the SIFO with Seoul FinTech Lab. Financial Graduate School to be opened on the 17th floor of the same building in September will provide opportunities for financial institutions to participate in the digital financial curriculum. Employees of the financial firms at the SIFO can observe the digital financial expert course operated by KAIST through a certain screening process.
Mr. Kim Eui-seung, Deputy Mayor for Economic Policy, said, “Seoul will attract competitive domestic and international financial institutions in Yeouido to make Seoul an international financial hub. We will provide intensive support so that the SIFO can become a driving force to do so and enhance synergy effects through the cooperation of domestic and foreign financial companies.”