Jeonbuk's bid to be designated as the 'Third Financial Center' will be decided this year. Financial authorities plan to conduct written evaluations and site inspections in the third and fourth quarters, assessing the potential for Jeonju to develop as an international financial center and the conditions for attracting financial companies.
On August 19, the Financial Services Commission held its 53rd Financial Center Promotion Committee meeting, where it reviewed the 'Evaluation Plan for Jeonbuk Financial Center Designation' and the '7th Basic Plan for the Creation and Development of Financial Centers (2026-2028).'
Jeonbuk Special Self-Governing Province submitted its financial center development plan to the Financial Services Commission on January 29. In May, the commission selected an evaluation research organization, which has formed a panel of 12 experts in economics, finance, and law. The panel will operate in three divisions: overall, finance, and development.
The evaluation panel will assess the potential for development as an international financial center, the current status and attraction potential of domestic and foreign financial companies and related industries, management, education, living environment, and the conditions for securing professional personnel. The feasibility of the development plan, its impact on revitalizing the local economy, and the opinions of local residents and businesses will also be evaluated.
The written evaluations and site inspections will take place in the third and fourth quarters of this year. The Financial Center Promotion Committee plans to review the evaluation results submitted by the research organization and decide on Jeonbuk's financial center designation by the end of the year. If designated, it will become the third financial center in the country, following Seoul and Busan.
On the same day, the Financial Services Commission also finalized the 7th Basic Plan for Financial Centers, which will be applied over the next three years. The basic plan includes four key initiatives: enhancing innovation in the financial industry, building global-level financial infrastructure, revitalizing capital markets, and strengthening support for financial centers.
To promote innovation in the financial industry, the plan aims to expand collaborative services between the financial sector and fintech, as well as improve the operation of regulatory sandboxes. Financial support for fintech companies and tailored assistance based on their growth stages will also be strengthened.
In the digital finance sector, the plan will promote the transition to artificial intelligence in the financial sector and establish infrastructure for token securities and a comprehensive regulatory framework for digital assets. To enhance foreign investors' access to the domestic capital market, the plan will also expand English disclosures by listed companies.
Strategies tailored to regional characteristics will be applied in Seoul and Busan. Seoul will focus on enhancing competitiveness in fintech and digital finance, while Busan will strengthen financial infrastructure and connections with local industries. Additionally, there will be an expansion of overseas investor relations events to support domestic financial companies' overseas expansion and attract foreign financial firms to Korea.
* This article has been translated by AI.
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