The FSC held the 53rd financial hub development committee meeting on August 19 and announced the 7th financial hub policy plan for 2026-2028.
Under the 7th three-year plan, the following four key task areas will be pursued with aims to continue to push for innovation in the financial industry and provide more substantial support for the growth of financial hubs.
a) (Financial Innovation) Promote the development of innovative financial services that can serve the changing trend and needs brought by demographic shift and the advancement of AI and digital technologies, while making improvements to the operation of the financial regulatory sandbox program and fostering a fintech-friendly ecosystem.
b) (Financial Infrastructure) Take a leading role in facilitating the convergence of financial and nonfinancial services and boosting efforts for sustainable finance, while shoring up support for the advancement of the domestic financial industry.
c) (Capital Markets) Upgrade regulations and infrastructures to make the domestic capital markets more foreign investor-friendly, while making efforts to boost market confidence and seeking improvements in the asset management industry.
d) (Financial Hub Support) Provide active support for domestic financial companies to expand their businesses overseas and strengthen communication with domestically established foreign financial companies, while taking more region-specific and individually tailored approaches for the development of financial hub strategies for Seoul and Busan.
With regard to the selection of Jeonbuk State (the Special Self-Governing Province of Jeonbuk formerly known as North Jeolla Province) as a financial hub, the financial hub development committee approved the evaluation criteria and measures that have been prepared and recommended by a commissioned study.
In accordance with the evaluation criteria and measures, an assessment will take place in the second half of this year in both written format and on site and the financial hub development committee will make a decision by the end of this year on whether to designate Jeonbuk State as a financial hub.
* Please refer to the attached PDF for details.