Seoul will become a top 5 global financial hub by 2030.
This is the goal of an ambitious plan presented at the Seoul International Finance Conference on Thursday where officials from financial circles gathered to seek ways for a new leap forward.
Seoul has jumped from 36th in 2019 to 13th this year in the Global Finance Centres Index.
And it ranks 11th for competitiveness in the fintech field.
The mayor of Seoul, Oh Se-hoon announced his plan for the city's financial transformation.
"We plan to develop Yeouido as a 'digital finance special zone' and plan to make Seoul the digital financial hub of Asia. In order to become the world's top fintech hub, we are expanding fintech labs which will serve as the country's largest platform to accelerate the growth of digital finance."
The governor of the Financial Supervisory Service also announced how the financial watchdog will support Seoul's growth as a global financial hub.
"We will support digital innovation in the finance sector. Also, through active communication, we will continuously improve regulations to foster innovation of financial and fintech firms."
At the conference, Nobel Prize winning economist Joseph Stiglitz shared his views on financial regulations and the challenges in building a vibrant financial hub.
"So any city, any place aspiring to be a global financial hub today has to have regulations that ensure transparency and this is a response to demands by ordinary citizens, but also demands by financial regulators in other countries. So I think that is the direction in which Seoul has been going and should continue to go."
He added that transparency and well-designed regulations will lead to innovations that add value for society.
He also discussed some of the non-financial problems that Seoul should resolve to move forward.
"The finance occupies buildings that are just like residential buildings, and so one can have more integration of residences with production. why is that important? Well, it reduces the time spent in transportation, which in a mega city like Seoul can be very large."
Stiglitz also emphasized that it is important to redesign our cities where we have more shared experiences across all groups.
Eum Ji-young, Arirang News.