BUSAN — Three financial firms specializing in maritime and investment services have set up offices in Busan, a move expected to accelerate the city's push to become a global financial center.
The Busan Metropolitan Government said on the 19th that it had attracted three institutions to D-Space on the 63rd floor of the Busan International Finance Center (BIFC): Segyero Ship Finance, a ship finance specialist; the Korea Shipowners' Mutual Protection and Indemnity Association, which specializes in protection and indemnity (P&I) insurance; and D Investment, a manager of the National Growth Fund.
The additions bring the number of D-Space tenants to 10, including the seven already there — Citibank Korea, UIB Insurance Brokers, the KDX consortium, DB Securities, Waterline Partners, Clarksons Korea and Synergy IB Investment — strengthening the center's position as a base for global financial business.
The city expects the new tenants to broaden the diversity of the financial ecosystem within the BIFC and to complete a maritime finance value chain in a field where the region specializes.
The arrival of Segyero Ship Finance, which provides vessel investment, management and financing solutions, and of the Korea Shipowners' Mutual Protection and Indemnity Association, which handles risk management for shipping companies, is expected to maximize synergies with policy lenders already clustered at the BIFC, including the Korea Development Bank, the Export-Import Bank of Korea and the Korea Trade Insurance Corp. As a result, a "one-stop maritime finance service" covering vessel transactions, fundraising, insurance and risk management is expected to take shape. The entry of D Investment, which will channel private investment capital into the city, is also set to strengthen capabilities in growth-company investment and private equity.
New business cooperation models with existing tenants are also expected. The city anticipates integrated vessel asset services in partnership with Clarksons Korea, which has strengths in shipping market information, as well as discussions on innovative business models such as fractional investment in and tokenization of vessel assets in cooperation with digital finance firms including the KDX consortium and DB Securities.
Using the latest recruitment as a springboard, the city plans to develop D-Space beyond a simple office space into a core hub for the financial industry, supporting joint projects and the discovery of cooperative ventures between policy finance and private capital, while continuing to create quality jobs in finance.
"By attracting excellent financial firms with expertise in each field, the spectrum and competitiveness of Busan's financial industry have expanded significantly," Mayor Jeon Jae-soo said. "We will continue to attract companies in promising areas such as marine insurance, digital finance and asset management, and strengthen cooperation among institutions centered on the BIFC to breathe new life into Busan's financial industry."