Busan, South Korea — In a significant move aimed at strengthening its financial innovation and employment welfare ecosystem, Busan City has announced the appointment of Lee Jin-soo, a seasoned official from the Financial Services Commission, as its new Director of Financial Startup Policy. The announcement, made on August 26, 2025, marks a pivotal moment for the city’s ongoing efforts to cement its status as a national financial hub and bolster support for startups and venture companies.
The appointment comes as part of a broader set of policy initiatives, including the official launch of the Employment Welfare Officer Busisa Office, which is set to begin operations on August 27, 2025. According to Financial News, Lee Jin-soo will serve a one-year term, with his appointment running through August 26, 2026. This strategic personnel move follows the conclusion of Nam Dong-woo’s tenure, who will be returning to the Financial Services Commission after his successful term as Director.
Lee Jin-soo brings a wealth of experience to his new role. Entering public service in 2002 after passing the 45th administrative examination, Lee has held a series of key posts within the Financial Services Commission, including Director of Banking, Director of Small and Medium Finance, Director of Policy Coordination, and Director of Administrative Personnel. His career trajectory has earned him recognition for both his expertise and leadership in the field of financial administration. As Newsis reports, Lee is an alumnus of Daegu Neungin High School and holds a degree in Business Administration from Yonsei University.
The position of Director of Financial Startup Policy is a Grade 3 bureau-level role, which underscores its importance within the city administration. The office is responsible for a broad range of financial policy initiatives: from expanding the city’s financial infrastructure and supporting financial technology innovation, to overseeing policies that aid startups and venture enterprises. As part of its mandate, the office is also charged with fostering strategic personnel exchanges with central government ministries, a practice that Busan City has actively pursued to ensure its policies remain aligned with national objectives.
“The appointment of Lee Jin-soo reflects Busan’s commitment to building a robust financial ecosystem and nurturing the next generation of entrepreneurs,” stated a Busan City spokesperson, as cited by Financial News. “His depth of experience in both policy and administration will be invaluable as we continue to expand our role as a financial center and support innovative business ventures.”
But the city’s ambitions don’t stop at financial innovation. Coinciding with Lee’s appointment is the official launch of the Employment Welfare Officer Busisa Office, a new institution designed to provide comprehensive employment welfare services to Busan residents. The office, originally established in 2002 to mark the 45th anniversary of the Employment Creation Policy Office, has evolved over the years and now stands at the forefront of the city’s efforts to enhance job creation and social welfare.
According to BBS News, the Employment Welfare Officer Busisa Office has been established 45 times since its inception, a testament to its enduring role in the city’s social policy landscape. The office is tasked with a wide array of responsibilities, including employment welfare consultations, mediation, and guidance. It also provides on-site support services, ranging from employment counseling and job creation assistance to broader welfare initiatives. Notably, the office operates three national direct employment welfare centers, ensuring that support is both accessible and responsive to the needs of the local population.
The timing of these developments is no accident. Busan City has made clear its intention to focus on mid- to long-term improvements to its employment systems, with a particular emphasis on skills development and research-informed policy. The Employment Welfare Officer Busisa Office is expected to play a central role in this effort, providing not only direct services but also engaging in policy research and fieldwork to identify emerging trends and challenges in the labor market.
“The current employment welfare officer system was completed on August 26, 2025, as part of the employment welfare consultation expansion,” reported Financial News. “The office will operate from August 27, 2025, to August 26, 2026, for one year.” This one-year operational window is designed to allow for flexibility and adaptation, ensuring that the office remains responsive to the evolving needs of the community.
Busan’s approach to employment welfare is notable for its integration of consultation, mediation, and central government policy support. The office not only provides direct services to job seekers and employers but also acts as a bridge between local needs and national employment policies. This dual focus on service delivery and policy research positions Busan as a leader among South Korean cities seeking to address the complex challenges of modern labor markets.
At the heart of these initiatives is a commitment to collaboration and strategic exchange. By maintaining close ties with central government agencies—such as the Financial Services Commission—Busan ensures that its policies are informed by the latest national developments and best practices. The appointment of Lee Jin-soo, with his extensive background in financial policy, is seen as a key element of this collaborative strategy.
Lee’s leadership is expected to drive further innovation in the city’s financial sector. As Director of Financial Startup Policy, he will oversee efforts to expand the city’s financial infrastructure, promote technological innovation, and support the growth of startups and venture companies. These efforts are seen as crucial to Busan’s goal of establishing itself as a premier financial center, not just within South Korea but across the broader East Asian region.
The launch of the Employment Welfare Officer Busisa Office adds another layer to this vision, providing a comprehensive support system for workers, job seekers, and employers alike. By combining financial innovation with robust social policy, Busan aims to create an environment where both businesses and individuals can thrive.
On August 26, 2025, Mayor Park Hyung-joon personally presented Lee Jin-soo with his appointment letter at the city hall’s protocol office, underscoring the importance of the role and the city’s confidence in his leadership. The event drew attention from local media and stakeholders, many of whom expressed optimism about the future of Busan’s financial and employment policies.
As Busan embarks on this new chapter, the city’s dual focus on financial innovation and employment welfare stands out as both ambitious and pragmatic. By bringing experienced leaders like Lee Jin-soo into key policy roles and investing in comprehensive support services, Busan is positioning itself at the forefront of urban policy innovation in South Korea. The coming year will be a crucial test of these strategies, as the city seeks to balance economic growth with social well-being—an undertaking that many will be watching closely.
