1、Financial Centre Futures Focus On Busan 2024 April 2024 Cover photo by Minku Kang on Unsplash We are pleased to present a short update on the progress being made in the Busan Finance Center(BFC).BFC is a member of Z/Yens Vantage Financial Centres network.The aim of this update is to provide readers

2、with news about the progress being made by the city of Busan.Since 2009,Busan Metropolitan City has been developing a financial services hub specialising in maritime finance and derivatives.With its strategic location in the center of an economic bloc in South East Korea at the crossroads of a globa

3、l logistics route,Busan envisions growing into an international financial city in Northeast Asia.BFC sets and implements strategies to develop Busan into an international financial city,by fostering Busan as the financial hub and promoting the financial industry.BFC was established as an incorporate

4、d association through the efforts of the city of Busan and seven local financial institutions and companies as founding sponsors.The main mission of BFC is to promote Busan as a financial hub and bolster the financial industry in Busan,by developing and implementing strategies to foster Busan as an

5、international financial city and conducting mid-to-long term finance-related surveys and research.BFC works to promote relevant policies,attract financial institutions,create a financial ecosystem,conduct research and study into Busans development,and to facilitate internal and external cooperation.

6、BFC is very happy to assist you to identify opportunities in Busan,one of the fastest developing cities in Asia.For more information,please contact:Busan Finance Center gmleekbfc.or.kr +82 51-631-0296 Focus On Busan 2024 1 Busan As A Global Hub Busan is a world-class maritime hub city.Its maritime t

7、echnology is considered one of the best in the world,and the city ranks second globally in terms of trans-shipment volumes.Geographically located at the heart of the global trading route,Busans global status is expected to become more significant with the opening of the Arctic Shipping Route.Shipbui

8、lders located in the Busan-Ulsan-Gyeongnam province command more than 30%of the global market share.Companies such as Hyundai Heavy Industries and Samsung Heavy Industries have attained some of the best reputations for advanced shipbuilding skills and the quality of their ships worldwide.With a popu

9、lation of over 3.4 million,Busan aims to establish a global sustainable maritime financial hub,a vibrant technology-driven industrial ecosystem,and global logistic tri-port hub.More specifically,it is actively harnessing nine important industries:maritime,finance,tourism,future mobility,digital tech

10、nology,energy technology,bio-healthcare,and convergent manufacturing.Due to Busans vibrant economy and leading technology-driven research capabilities,over 600 international companies have invested in Busans diverse industrial domains,including manufacturing,intellectual properties,and biotechnologi

11、es.Since 2020,the city has announced record-breaking Foreign Direct Investment,reaching more than USD 6 billion in 2023.Busan is also gaining an increasing reputation for its cultural tourism and convenience of living.Since 2021,Busan has announced the vision of creating a 15-minute city,where essen

12、tial living elements such as workplaces,leisure activities,healthcare facilities,and education sites are accessible within 15 minutes walking distance.Focus On Busan 2024 2 Busans Transformation into a Global Hub City “To develop Busan into a hub city for logistics,finance,digital,and cutting-edge i

13、ndustries in name and reality,we must now build the necessary systems and infrastructure”The President of the Republic of Korea,Yoon Suk Yeol,on 6 December 2023,at the roundtable discussion held at Busan Port International Exhibition&Convention Center In line with the Presidents remarks,Busan Metrop

14、olitan City has announced several initiatives aimed at transforming Busan into a global hub city.Key among these are the establishment of the Financial Opportunity Development Zone(ODZ)and the recent proposal of a Special Act to designate Busan as a Global Hub City,announced on 25 January 2024.Suppo

15、rted by the national policy for balanced regional growth,the realisation of such initiatives is expected to contribute to the creation of a global financial hub,a world-class tri-port logistics hub,and vibrant innovation ecosystems.Recent Key Initiatives For Busans Global Hub City Transformation ODZ

16、(Opportunity Development Zone):The ODZ is a specially designated area aimed at attracting businesses by offering tax benefits and incentives.As part of the Opportunity Development Zone initiative,Busan Metropolitan Citys primary policy agendas include the prospective launch of the Special Finance Zo

17、ne,which will encompass the Munhyeon and Bukhang Port areas,and the establishment of an education zone.The legislative bill for the Global Hub City Act (announced on 25 January 2024).Once the proposal is enacted,the special act is expected to facilitate the creation of a global finance hub,a tri-por

18、t logistics hub,and vibrant,technology-driven industrial ecosystems.Focus On Busan 2024 3 Busan As A Sustainable Maritime Finance Hub Designated as a national maritime finance hub in 2009,Busan Metropolitan City has since developed the Busan International Finance Center(BIFC).A significant milestone

19、 in this development was the completion of a large-scale infrastructure project,culminating in the construction of a landmark 63-story building.Covering approximately 200,000 square meters,this building was completed in 2014 in Busans Munhyeon district.Following its completion,another project of sim

20、ilar scale was launched to construct additional office spaces,a hotel,and commercial facilities adjacent to the 63-story building.This complementary project,also spanning around 200,000 square meters,was finished in 2018.BIFC is now in its third phase of infrastructure development,with plans for a 4

21、5-story building scheduled for completion in 2025.This new structure is expected to house over 160 FinTech and finance companies.BIFC is currently home to more than 34 major domestic and international financial institutions,attracting increasing interest from foreign financial entities.Prominent ins

22、titutions such as City Bank,UIB Korea,and Lina One have recently established offices in BIFCs D-space,located on the top floor of the 63-story building.Moreover,key domestic financial institutions,including Korea Exchange,Korea Securities Depository,Korea Housing&Urban Guarantee Corporation,Korea As

23、set Management Corporation,and Korea Housing Finance Corporation,have relocated to the Busan International Finance Center.Figure 1|Busan International Finance Center Focus On Busan 2024 4 Notable Financial Institutions At BIFC Main Business Activity Financial Institution Korea Exchange Korea Exchang

24、e is the sole securities exchange operator in South Korea.Korea Securities Depository Korea Securities Depositories electronic registration and settlement of securities transactions Korea Asset Management Corporation Korea Asset Management Corporation acquires and resolves financial institutions non

25、-performing loans,restructures businesses,provides support for the credit recovery of the financially stricken,manages state-owned properties,and settles overdue taxes.Korea Housing Finance Corporation Korea Housing Finance Corporation supplies housing finance to promote the housing welfare of the p

26、eople and develop the national economy.Korea Technology Finance Corporation Korea Technology Finance Corporation helps spur economic growth in South Korea through the provision of financial support to new technology businesses with little or no collateral.BNK Busan Bank BNK Busan Bank offers a full

27、range of commercial and retail banking services with total assets of approximately USD 65 billion.(As of 2022,including trust accounts totaling KRW 87.1 trillion)Korea Housing&Urban Guarantee Corporation Korea Housing&Urban Guarantee Corporation strives to stabilise national housing through guarante

28、e-related tasks and government policy support,and efficient management of the Housing and Urban Fund.Korea Ocean Business Corporation KOBC offers shipping finance liquidity and other various complementary services to support the national maritime industry.Marine Finance Center Established in 2014 by

29、 the associations between the Korea Development Bank,ExportImport Bank of Korea,and K-sure,the firm primarily offers liquidity for shipping finance.Focus On Busan 2024 5 Major Maritime Finance Hub South Koreas financial institutions are global leaders in shipping finance.In 2022,Marine Money ranked

30、five Korean financial firms among the top shipping finance institutions:ExportImport Bank of Korea(No.6),K-sure(No.9),Korea Development Bank(No.16),KOBC(No.48),and KAMCO(No.50).These institutions are primarily based at the Busan International Finance Center.Since 2014,the top three institutions-KEXI

31、M(ExportImport Bank of Korea),K-Sure,and KDB(Korea Development Bank)-have been jointly operating the Marine Finance Center on the 20th floor of BIFC,providing core liquidity for the maritime finance industry.The Marine Finance Center,with over 80 shipping finance professionals,offers various financi

32、al services provided by the member institutions(KDB,KEXIM,and K-Sure).Opening Ceremonies of the Marine Finance Center at BIFC Furthermore,the Korea Ocean Business Corporation(KOBC)was established in 2018 following the merger of three shipping institutions:Korea Maritime Guarantee Insurance,Korea Shi

33、pping Trade Information Center,and another entity.KOBC not only provides liquidity for maritime companies but also periodically offers crucial shipping finance information,including shipping freight rate indexes(e.g.,KOBC Container Composite Index),and ship valuation.KOBCs Key Business Areas Partici

34、pating Institutions Korea Development Bank(KDB):wholly state-owned policy development bank Export-Import Bank of Korea(KEXIM):Official export credit agency providing comprehensive export credit and guarantee programs K-Sure:Official export credit agency of South Korea 1.Ship Financing Support 2.Mari

35、time Facilities Support 3.Maritime Information Support 4.Support for Port Logistics Financing Financing ship acquisitions (BBCHP,BBC)Container Box Leasing Container Composite(KCCI,KDCI)Investment and Guarantees for domestic port terminals Focus On Busan 2024 6 Sustainable Maritime Finance Hub In 202

36、3,South Korea was ranked as the seventh largest issuer of Green,Social,Sustainable,and Sustainability-Linked Bonds(GSSSB)in the world.The cumulative issuance of GSSSB bonds by South Korean institutions has surpassed USD 200 billion.Notably,financial institutions at BIFC have played a major role,issu

37、ing more than USD 130 billion in total.In line with this,BIFCs financial institutions have been actively supporting net-zero maritime transitions through sustainable finance.For instance,KOBC and the Korea Development Bank jointly set up a fund amounting to USD 12 billion for financing eco-friendly

38、ships.Similarly,KOBC recently announced the provision of a USD 1 billion fund for the net-zero transition.Such maritime finance activities are expected to further accelerate global maritime net-zero transitions.Sustainable Maritime Finance Of Key BIFC Institutions The Busan International Finance Cen

39、tre hosts the nationally governed Compliance Carbon Market(CCM),administered by the Korea Exchange(KRX).Aligning with the Kyoto Protocol and the Paris Agreement,KRX established the K-Emission Trading Scheme and set up the associated market in Busan in 2015.Currently,over 700 major South Korean corpo

40、rations participate in the carbon emission market,with an increase in investors and companies anticipated following the governments market revision plan.Significantly,the Korea Exchange intends to launch carbon credit futures contracts and associated derivative products to further stimulate the carb

41、on market.Figure 2|The Korea Housing Finance Corporation,a leading issuer in Koreas ESG bond market with over 60%market share,issues both asset-backed securities and corporate bonds as social bonds.Sustainable Maritime Finance Exemplar Details KOBC&Korea Development Bank,Green Ocean Fund,2021 The to

42、tal funding amount is USD 12 billion,primarily financing eco-friendly ships and sustainable infrastructure.KOBC-The maritime industry crisis response fund,2023 The total funding amount is USD 1 billion,supporting the maritime net-zero transition by financing green bonds issued by KSS Maritime and SK

43、 Maritime.KOBCs ESG fund,2021 The ESG bond volume is approximately USD 120 million,supporting the purchase of eco-friendly ships.Focus On Busan 2024 7 Sustainable Maritime Ecosystem In 2021,the South Korean government designated Busan as the Ammonia Eco-friendly Energy Special District.Following thi

44、s designation,Busan has been developing sustainable maritime energy technologies,including the development of eco-friendly ships,standard containers for portable liquefied ammonia,and ammonia fuel charging for mobile-based ships using ammonia.Building on this,Busan Metropolitan City has set a vision

45、 to create a tri-port logistics infrastructure powered by sustainable energy sources such as hydrogen.This tri-port platform will connect railways,airports,and seaports,providing seamless logistic solutions.Hydrogen infrastructure,such as hydrogen-powered trains and bunkering sites,are expected to s

46、ignificantly reduce GHG emissions in tri-port logistic operations.Additionally,the Busan Port Authority(BPA)plans to install LNG and Hydrogen complex bunkering sites at Busan Port to supply renewable energy to ships.Sustainable Tri-port Logistics Infrastructure Based On The Forthcoming Gadeok Airpor

47、t Source:Busan Metropolitan City To promote a sustainable maritime ecosystem,the Busan Port Authority(BPA)plans to deploy electrically powered ships to operate in Busan Port.An E-green ship will soon guide vessels visiting Busan ports.Additionally,another electric ship is planned for future deployme

48、nt to clean the water.Focus On Busan 2024 8 In 2020,the South Korean government designated Busan as a next-generation marine mobility regulation-free zone.Consequently,Busan maritime firms will develop sustainable maritime technologies by focusing on several pilot projects.These include a hybrid ele

49、ctric propulsion system based on the LPG engine for medium-sized ships,LPG fuel conversion for small ships,and LPG refuelling from land to ships.In 2023,the world witnessed the first bunkering of a green methanol-powered container ship at the Port of Ulsan.OCI Global in Ulsan completed the bunkering

50、 of the worlds first green methanol-fueled container ship,built by Hyundai Mipo Dockyard in the Busan-Ulsan-Gyeongnam region.Since 2023,Ulsan Port has acquired bunkering infrastructure capable of handling more than 12 million tonnes of methanol.Figure 3|Propulsion System Based On The LPG Engine Figu

51、re 4|A.P.MollerMaersks Ship Recorded The Worlds First Green Methanol Bunkering At Ulsan Port Focus On Busan 2024 9 The shipbuilders of Busan-Ulsan-Gyeongnam have significantly contributed to the net-zero maritime transition.Since 2019,eco-friendly methanol-fueled ships have been commercialized by re

52、gional shipbuilders,including Korea Shipbuilding&Offshore Engineering Co.,Samsung Heavy Industries,and Hanwha Ocean Co.These top three regional shipbuilders continue to hold 50%of the market share in building large-sized LNG fuel-driven ships.Major shipping companies such as Maersk,CMA CGM,and Everg

53、reen have been key clients,attracted by advanced technologies in eco-friendly shipbuilding.Busan is also actively promoting international partnerships to advance sustainable maritime shipping practices.At COP 27(the 27th Conference of the Parties)held by the United Nations Framework Convention on Cl

54、imate Change,Koreas Ministry of Oceans and Fisheries announced joint plans between South Korea and the U.S.to initiate a feasibility study on creating a green cargo shipping corridor between Busan,Koreas largest seaport,and the Seattle-Tacoma ports.Green corridors are sustainable maritime routes tha

55、t rely on low or zero-emission lifecycle fuels and technologies,with the ambition of achieving zero greenhouse gas emissions.Figure 5|A Methanol-Powered Petrochemical Carrier Built By Hyundai Mipo Shipbuilding Based In Ulsan U.S.Climate Envoy John Kerry and South Korean representatives at COP 27,ann

56、ouncing the plan to establish a green cargo shipping corridor between Busan and Tacoma Focus On Busan 2024 10 Busan-Digital Finance Hub Since 2019,Busan has been designated as the only national blockchain regulation-free special zone in South Korea.Commercial businesses operating in Busan Metropolit

57、an City are eligible to apply for a regulatory sandbox,specialising in blockchain technology applications.Regulation-free special zones are areas designated to allow firms to conduct business without restrictions from regulations,enabling tests for innovative technologies.Furthermore,innovative firm

58、s will be fostered through support measures such as R&D funding and tax breaks.Since its designation,more than 16 companies across six different industry areas have successfully received sandbox approvals.Approved Commercial Services Based On Busan Blockchain Regulatory Sandbox One notable business

59、utilising the regulatory sandbox is BBRIC,which employs a Security Token Offering(STO)that enables fractional ownership in real estate.Retail investors can invest in selected properties with as little as USD 4(5,000 KRW),thereby earning fractional ownerships.Date Sandbox Approvals Approved services

60、July 2019 1st sandbox approval Block chain-based Smart Marine Logistics platform Busan Smart Tour platform service,public safety Image information reporting service,ledger-based local economy revitalisation service.July 2020 2nd sandbox approval Real estate STO,Data reward and transaction service,me

61、dical data platform.May 2023 Latest sandbox approval Insurance claim service.Focus On Busan 2024 11 FinTech Incubation Facilities BIFC currently hosts multiple FinTech and blockchain incubation facilities:U-Space,S-Space,and B-Space.U-Space and S-Space are specialised facilities actively incubating

62、FinTech startups.In particular,Busan Metropolitan City has created Busan FinTech Hub by integrating U-Space and S-Space,tech based startup support hubs that have been in BIFC since 2023.By 2023,these two facilities had incubated more than 86 companies,with about 50 companies employing 450 workers at

63、 these venues.To date,firms at U-Space and S-Space have generated over USD 140 million in revenue.Busan Metropolitan City currently offers various entrepreneurship support packages to aid the growth of FinTech startups at BIFC.Shared Office Space Facilities U-Space,BIFC B-Space is a specialised incu

64、bation facility for blockchain startups.Currently,the facility hosts more than 17 blockchain startups.The incubation hub offers various aid packages,including startup pitching,HR development,and networking with key investors.B-Space Focus On Busan 2024 12 Vibrant Digital Ecosystem Busan currently ho

65、sts approximtely 90%of high-speed submarine cables,positioning itself as an IT infrastructure centre of South Korea.Utilising the connectivity advantages of high quality IT infrastructure,Microsoft and Amazon established a data centre at Busan Metropolitan City in 2016.Other firms such as LG and BNK

66、 Financial groups also followed suit.In July 2023,Busan Metropolitan city unveiled a plan to develop a 177,000 square meter data centre complex in Busans Eco Delta City located in the Gangseo-gu district to promote and showcase Busan-based software-as-a-service(SaaS)providers.In particular,this will

67、 help Busan use SaaS solutions and cloud technology to capitalise on Big Data and Internet of Things(IoT)initiatives.Renowned Companies Operating At The Data Center At Busan To bridge the digital finance gap for customers during the digital transformation,BNK Busan Bank has established BNK Digital P

68、lace.Customers not familiar with digital services can easily access digital banking,guided by video calls and on-site staff.BNK Busan Bank currently operates three digital places in Busan.LG CNS&Microsoft Data Centres At Busan Data Center Date Established Amazon-Busan Cloud Innovation and Technology

69、 centre March 2016 Microsoft Data Centre May 2016 BNK Financial Group January 2019 LG CNS,Busan Global Cloud Data Center May 20213 Focus On Busan 2024 13 Prospects for Busan International Finance Center In line with the rapid digital transition,the Busan International Finance Centre plans to add ano

70、ther key infrastructure development called D-Valley,a 45-story building specifically tailored for digital finance.It will have the capacity to accommodate more than 160 FinTech and financial companies.This specified area is currently under construction and is planned to be completed in 2025.In 2023,

71、Busan Metropolitan City announced the vision of Target 2026 Blockchain Busan and the Busan Digital Asset Exchange Establishment Promotion Plan to further develop the digital finance ecosystem.According to the Target 2026 Blockchain Busan vision,blockchain technologies may enable direct residential v

72、oting and identity authentications.In addition,the forthcoming Busan Digital Asset Exchange is expected to create a vibrant digital asset ecosystem.“Busan will build the first blockchain city that can meet the Web3 era in advance by reorganising the entire city infrastructure through blockchain tech

73、nology”Park Heong-joon,Mayor of Busan at Busan Blockchain Week,November,2023 As a fully private entity,the Busan Digital Asset Exchange plans to become a venue where users can invest in numerous digital assets based on the digital tokenisation of diverse assets such as gold and wine.The Busan Digita

74、l Asset Exchange,as a central blockchain platform,is expected to foster open innovation with numerous blockchain companies,thereby creating a vibrant blockchain finance ecosystem.Focus On Busan 2024 14 Key Activities Of Busan Finance Center Busan Finance Center is currently aiming to become a global

75、 think-tank organisation that conducts various studies to promote Busan International Finance Center.BIFC Introduction Every year Busan Finance Center holds several key international conferences such as Marine Money International and Busan Maritime Finance Week.At such conferences,introductions and

76、news regarding Busan Finance Center are presented.Financial Centre And Ecosystem Research Busan Finance Center is conducting cutting-edge research to promote the digital,sustainable maritime ecosystem of the Busan International Finance Center.Busan Finance Center President Myongho Rhees Speech at 17

77、th Marine Money International Conference in 2023 BFC-KAFE International Symposium on Finance and Economics,2023 Focus On Busan 2024 15 Emphasis On Gender Diversity In The Financial Industry(WAIFC Collaboration)BFC is actively participating in the World Alliance Of International Financial Centers(WAI

78、FC)Women in Finance Initiative to promote gender diversity in the financial industry and is working to create a better financial center in Busan.Research On Digital-Sustainability(Digital-Decarbonisation)Marine Finance In line with the sustainable transition,BFC recently collaborated with Korea Mari

79、time and Ocean University to conduct research on the introduction of the ship finance Security Token Offerings(STO)model and on carbon trading in the marine industry and the establishment of a marine finance ecosystem.We will continue to present a model for carbon-neutral and eco-friendly financial

80、value creation for the development of Busan International Financial Center as a maritime financial center.BFC Becoming a signatory for the WAIFC Women in Finance Initiative(18 October 2023)BFC attended the WAIFC Women in Finance Initiative meeting(17 January 2024)Maritime Finance research:A study on

81、 the carbon trading and maritime finance ecosystem for the maritime industry in the era of sustainability transition Focus On Busan 2024 16 BFC Joined Financial Centers For Sustainability(FC4S)BFC joined as a member of Financial Centers for Sustainability(FC4S)in May 2021 to promote sustainable fina

82、nce in the financial center of Busan and expand exchanges and cooperation with financial centers around the world in the field of sustainable finance.BFC Participation In COP 28 BFC participated in COP28 held in Dubai in December 2023 and discussed the current status and revitalisation of sustainabl

83、e finance at the Busan International Finance Center and ways to improve global sustainable finance disclosure.In addition,we explained the development of Koreas major sustainable finance systems and proposed improvements to major disclosure standards such as IFRS sustainability disclosure standards

84、and CDP.Cooperation With Global Financial Centers BFC conducts mutual cooperation and exchanges with various international financial centers such as DIFC,Casablanca Finance City,and TheCityUK through cooperation with various global international financial center related organisations such as Z/Yen a

85、nd WAIFC.BFC Presented the sustainable Finance in the Empowering Financial Centres to Drive Sustainable Finance”session hosted by WAIFC,GEFI and Z/Yen-BFC Meeting at the Z/Yen Office:Z/Yen CEO,Mike Wardle,Senior Researcher,Hugh Morris,and Busan Finance Center President,Myongho Rhee(12 September 2023

86、)Focus On Busan 2024 17 Forthcoming Events In Busan GFCI Launch Event In Person In September 2024 Busan International Finance Center plans to invite the key executives of Z/Yen to launch the Global Financial Centres Index 36 in-person during September 2024.At the launch event,several keynote finance

87、 speakers plan to emphasise the importance of sustainable finance in response to climate change.As a sustainable maritime finance hub,numerous maritime financial institutions may present their plans to pursue sustainable finance.GFCI 17 Hosting Event At Busan In 2015 BIFC Forum Chaired by the former

88、 First Vice Minister in the Ministry of Finance and Economy(MFE),Park Byeong-won,the BIFC forum invites key financial executives from both public and private financial companies,including Korea Exchange,KAMKO,KOBC,and Busan Bank.The key theme of the BIFC forum is to explore strategies and action pla

89、ns to further harness Busan International Finance Centers ecosystem.The forum is held four times a year.Focus On Busan 2024 18 Sustainability Reports At BIFC Korea Ocean Business Corporation Korea Housing Finance Corporation BNK Financial Group Korea Technology Finance Corporation Focus On Busan 202

90、4 19 Busan In The Global Financial Centres Index In March 2007,Z/Yen released the first edition of the Global Financial Centres Index(GFCI),which continues to provide evaluations of competitiveness and rankings for the major financial centres around the world.The GFCI is updated every March and Sept

91、ember and receives considerable attention from the global financial community.The index serves as a valuable reference for policy and investment decisions.The 35th edition of the GFCI(GFCI 35)was published in March 2024.Busan first appeared in the GFCI in 2014(GFCI 15)and has featured ever since.It

92、has a steady history and its rating and rank in the index has been climbing recently.Busan is performing well as a specialist financial centre(focusing on maritime finance and derivatives)and Busans continued focus on development and collaboration position it well for the future.Busans Rank and Rati

93、ng In The Global Financial Centres Index Over Time The GFCI measures the competitiveness of financial centres across five broad areas-the Business Environment,Human Capital,Infrastructure,Financial Sector Development,and Reputation.GFCI 35 is compiled using 145 instrumental factors.These quantitativ

94、e measures are provided by third parties including the World Bank,The Economist Intelligence Unit,the OECD,and the United Nations.The instrumental factors are combined with over 45,000 financial centre assessments provided by respondents to the GFCI online questionnaire.Busan performs well in all fi

95、ve areas of competitiveness,and particularly in financial sector development,where it ranks in the top 20 centres in the world.It is an established international player with both breadth and depth in it financial service Z/Yen helps organisations make better choices our clients consider us a commerc

96、ial think-tank that spots,solves and acts.Our name combines Zen and Yen “a philosophical desire to succeed”in a ratio,recognising that all decisions are trade-offs.One of Z/Yens specialisms is the study of the competitiveness of financial centres around the world.A summary of this work is published

97、every six months as the Global Financial Centres Index.Z/Yen also publishes the Global Green Finance Index that seeks to encourage financial centres to become greener and develop financial services in a way that enables society to live within planetary boundaries.AND PRODUCED BY THE Z/YEN GROUP PUBL

98、ISHED BY FINANCIAL CENTRE FUTURES https:/www.kbfc.or.kr/eng/The Busan Finance Center(BFC)was established as an incorporated association through concerted efforts of the city of Busan and seven local financial institutions and companies as founding sponsors.The main mission of BFC is to promote Busan

99、 as the financial hub and bolster the financial industry in Busan,by developing and implementing strategies to foster Busan into an international financial city and conducting mid-to-long term finance-related surveys and Financial Centre Futures is a programme within the Long Finance Initiative that

100、 initiates discussion on the changing landscape of global finance.Financial Centre Futures comprises the Global Financial Centres Index,the Global Green Finance Index with other research publications that explore major changes to the way we will live and work in the financial system of the Vantage Financial Centres(VFC)is an exclusive network of financial centres around the world which offers enhanced access to GFCI and GGFI data,marketing opportunities,and information services for centres seeking to enhance their profile and reputation.