Busan has achieved a significant milestone by ranking 24th in the 37th edition of the International Financial Center Index (GFCI) as published by the Z/YEN Group on March 20, 2025. This ranking marks an impressive climb of 13 spots from its previous position of 37th in March 2023, making it the highest ranking for the city since evaluations began in 2015. Furthermore, Busan has maintained its place in the top 20 for three consecutive evaluations since the latter half of last year.
In the context of Asia, Busan stands proud at 9th position, trailing behind prominent financial hubs such as Hong Kong, Singapore, Shanghai, Dubai, and Tokyo. This surge can largely be attributed to Busan's recent designation as a "financial opportunity development zone" by the government in June 2024, alongside the enactment of the "Global Hub City Special Act." These developments reflect increasing confidence and expectations for Busan's growth within the financial sector.
While sharing the news, a city official noted that this ranking also acknowledges various initiatives the city has undertaken, including the establishment of future growth venture funds and a green fund aimed at transforming the industrial landscape.
In addition to its overall performance, Busan's fintech credentials have also seen advancements, ranking 23rd among 115 global financial cities in the "FinTech Index"—a three-spot increase from prior evaluations. This recognition emphasizes Busan’s commitment to positioning itself as a burgeoning fintech hub.
Complementing these achievements, the city has also embarked on efforts to penetrate the U.S. market more aggressively. As stated on March 21, 2025, Busan City announced its initiative to recruit companies to participate in its project to enter Amazon.com, the leading e-commerce platform in the United States, which holds over 40% of the U.S. e-commerce market.
Since 2018, under the support of Busan City, local export companies have begun securing a foothold on Amazon.com, with the previous year seeing 40 companies achieve record sales of $2.89 million. To expand this initiative, the eligibility criteria for participation have been relaxed, now allowing companies with annual export amounts of under $30 million to apply. This strategic move is expected to provide a wider range of promising export companies with opportunities to thrive.
Furthermore, to assist small and medium-sized enterprises (SMEs) lacking their own logistics centers, the city is launching the "U.S. Export Logistics Network Support Project," enabling these businesses to share a local warehouse in the United States. Companies interested in joining this program and the Amazon.com entry initiative can apply via Busan City’s Overseas Marketing Integrated System by March 27, 2025.
Busan's rising profile as a financial and trade hub signifies more than just improved rankings; it underscores the city's ambitions to lead in both the finance and export sectors.
