Gateway to the Korean Financial Market – Financial Hub Korea
2010/03/22 6 Comments
What is Fn Hub Korea?
The Financial Hub Korea (Fn Hub Korea) was established on September 9, 2008 to promote Korea’s financial market as a Northeast Asia’s financial hub. To attract global financial companies into the Korean market and assist overseas expansion of domestic financial companies, the Fn Hub Korea provides a wide range of services. For foreign financial companies, the Fn Hub Korea provides a wide range of services. For foreign financial companies who will or already do business in Korea, the center helps their applications for regulatory approval and licensing and other administrative procedures. Fore domestic financial companies expanding their business into overseas markets, the center provides information on financial laws and regulations, regulatory process, and market environment of foreign countries. These services are provided through various channels such as e-mail, phone and visiting. “The Fn Hub Korea aims to offer one-step services from application to notification,” said Ju-hyung Lee, the deputy head of Fn Hub Korea.
In an effort to promote Korea as an international finance hub, the Fn Hub Korea is actively pursuing overseas promotional activities. Last year, it held promotional events in Hong Kong and Singapore with more than 200 executives of financial companies. It also had one-to-one meetings in Seoul and Busan with 16 companies. In particular, the FSS SPEAK, one of the promotional events, provided business with good opportunities to understand Korea’s financial policies and markets. Mr.Lee said that the Fn Hub Korea will share the examples of success and failure of each inbound and outbound company to provide useful information to companies.
The Fn Hub Korea, Lee said, will also make efforts to make Korean financial markets more business friendly and globally competitive by correcting misunderstandings about Korean financial markets.
The Fn Hub Korea has three teams: Foreign Financial Company Support Team, Overseas Advancement Support & PR Team, and Financial Business Environment Improvement Team.
1. Foreign Financial Company Support Team
The Foreign Financial Company Support Team provides foreign financial companies with one-step services for applications and approvals of business licenses and closely works with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) to improve financial regulations.
2. Overseas Advancement Support & PR Team
The Overseas Advancement Support & PR Team assists domestic financial companies planning overseas expansion to get approval and licensing for their business activities from foreign supervisory authorities. The team also provides domestic financial companies with information on financial laws and regulations, regulatory process and market environment of foreign countries. As of now, more than 300 Korean financial companies are doing business in 33 countries.
3. Financial Business Environment Improvement Team
The Financial Business Environment Improvement Team conducts engages in research and assistance in planning for the development of Korea into a financial hub. The team also provides executives and employees of foreign financial companies and their family members living in Korea with assistance in dealing with immigration, tax, education matters to make their stay in Korea more convenient.
Pedaling for the Future
Jae-heung Park, the deputy director of Overseas Advancement Support Team, said that the Fn Hub Korea adopts the hub and spoke system to connect regional financial markets and make the country as an Asian Financial Hub within years. He added, “Banco Sntander, the largest Spanish bank, is a model of successful overseas expansion. The bank successfully expanded its business activities in central and South America by taking advantage of common language and culture. Inspired by the success of Bank Santander, Korea helps domestic financial institutions to expand into central and southeast Asian markets which share Asian values and culture with Korea.
Recruiting Program for Overseas Financial Experts
Fn Hub Korea launched a program in December 2008 to help overseas financial experts to find a job in Korea. New recruiting announce is recently updated in 18th of February in the Announcements board of Fn Hub Korea(http://www.fnhubkorea.kr). The program aims to attract financial experts into Korea, who will play a critical role in creating sound financial environment and strengthening the position of Korea as a financial center. If you are interested in this program, contact Fn Hub Korea by call or e-mail.
Fn Hub Korea:
Tel: +80-2-3145-7162, 7156
Kim Hee Soo (firstname.lastname@example.org)