It can be daunting to do business in a new city in a distant country. But foreign companies seeking to open businesses in South Korea’s capital city can rest easy thanks to the Seoul Metropolitan Government and Seoul Financial Hub’s (SFH’s) increasing stream of support, including hosting a variety of networking events.
SFH holds an array of events for its office tenants, mainly foreign financial companies, to help them connect with domestic companies and professionals across different sectors, deepen their understanding of the Korean economy, industries and culture and smoothly settle in Asia’s No. 4 economy.
In late September, people packed an SFH office on the 16th floor of One IFC, in Seoul’s Yeouido district, to attend a lecture by Korean legendary private banking wealth manager Seo Jae-young, dubbed the Salary King PB, about investment opportunities in Korea’s powerful homegrown multinational conglomerates and dynamic startups.
Seo, now a managing director at NH Investment & Securities Co. and the author of multiple best-selling books including “Global Number 1 K-Company,” is one of many local experts invited by SFH to host its Book Lunch sessions.
SFH, located in the heart of Yeouido, home to countless finance and investment banking businesses, has already held six SFH Connect Book Lunch sessions this year featuring Korean best-selling authors renowned in their fields. The lecture series offers its tenant firms as well as anyone with financial professions or interested in the financial market opportunities to connect with local professionals and gain a better understanding of Korea.
Topics addressed ranged from the Korean economy and industrial structure to global economic issues such as inflation, foreign exchange rates and interest rates.
Speakers also analyzed the Korean conglomerate structure and business culture and discussed generative artificial intelligence technology.
Some authors shared their insights on investment tactics in the era of the new Cold War between the US and China.
The Book Lunch lecture series has been well-received by SFH tenants.
“The latest SFH networking event was a truly meaningful occasion where I had the opportunity to connect with professionals from various fields. We not only engaged in networking but also exchanged valuable insights, advice, and opportunities for business growth,” said Justin Park, associate director at Celenian Asset Management (Korea).
“It was enriching to hear various business strategies and success stories, as well as to exchange constructive feedback, making it an insightful and rewarding experience,” he added.
DIGITAL FINANCE BUSINESS SEMINARS
SFH offers two other programs for its tenants: the Digital Finance Business Seminar and the Seoul Financial Innovation Forum.
The Digital Finance Business Seminar is held every month and addresses issues in the digital finance, or fintech, industry. It is held on the 17th floor of the Yeouido Graduate School of Finance, at One IFC.
The seminars are designed for attendees to build knowledge and learn about new developments in the fintech field.
At the seminars, local professionals in the fintech and related industries discussed fintech policies, technologies such as identity authentication, emerging technologies, fintech platform design and many other fintech-related issues.
In the latest session held in October, celebrated Korean YouTube content creator and science communicator Gue-Do, who co-manages the YouTube channel “Unrealscience” with 1.2 million subscribers, shared his insights on the future of fintech.
In September, Woo Gil-soo, co-CEO of Aton Inc., spoke on digital authentication technology and industry trends.
Aton is a Korean fintech security solutions company that partnered with Korea’s top three mobile carriers to develop the Pass app, the country’s widely used mobile identity verification service.
SEOUL FINANCIAL INNOVATION FORUM
At the SFH Connect Seoul Financial Innovation Forum, panelists discuss financial market policies and regulations from diverse perspectives to address problems and strategize possible innovations for the country’s financial market.
The forums are held without live audiences; the recorded forum sessions are shared through SFH’s YouTube channel.
This year, SFH organized three forums under the following themes: Korea’s efforts to improve the valuation of Korean stocks through its “Value-up” program; the country’s measures to stabilize the financial markets and protect financial consumers; and the Korean cryptocurrency market.
SFH also offers investor relations sessions for domestic startups to provide tenants with investment opportunities.
“The Seoul Financial Hub provides a lot of facilities and networking opportunities so we can easily work with startups,” said Song Myoungsoo, founder and CEO of PEN Ventures, a venture capital firm.
TOP 5 GLOBAL FINANCIAL HUB
The Seoul Metropolitan Government opened SFH in 2021 to help foreign financial companies looking to start or resume business in the capital city evaluate domestic market conditions, obtain necessary licenses, secure top local talent and manage tax and accounting issues.
SFH offers foreign financial firms low-cost office space as well as relocation assistance.
SFH offices are currently rented out to eight foreign financial institutions: Celenian Asset Management, KCA Partners, Union Season Holdings Ltd., PEN Ventures, the Central American Bank for Economic Integration (CABEI), Hanmi Bank, Auster Fund I LP and NT Korea Co.
Seoul has been working to boost the capital city to the ranks of the top five global financial hubs by 2030, and SFH is playing a critical role in attracting foreign financial institutions to the city.
Seoul aims to increase the number of foreign financial firms operating in the city from 150 in 2021 to 250 in 2030.
SFH is considering making some changes in the format of its networking events next year to enable more people with an interest in the financial industry to join.
It will announce the final event schedule early next year.
By Sookyung Seo
skseo@hankyung.com
Jennifer Nicholson-Breen edited this article.
