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| Seoul Mayor Oh Se-hoon delivers an opening speech for the "2023 London Conference: Startups from Seoul" event at the London Stock Exchange, Tuesday (local time). Courtesy of Seoul Metropolitan Government |
Korean fintech firms worth investment, Oh says at London Stock Exchange
By Ko Dong-hwan
Seoul Mayor Oh Se-hoon promoted Seoul and Korean startups at London Stock Exchange, Tuesday (local time), assuring high returns on investments.
Oh is on a four-nation European trip that will also bring him to the cities of Dublin, Hamburg and Copenhagen.
Describing Seoul as a center of digital finance in Asia, the mayor said in his opening speech at the "2023 London Conference: Startups from Seoul," that the city has one of the world's highest rates of residents using digital financing services such as online banking on a daily basis thanks to great infrastructure, which helps Seoul's high growth potential in the digital financial industry.
The event was co-hosted by the Seoul Metropolitan Government and London Stock Exchange. Present at the conference were London Stock Exchange CEO Julia Hoggett and 30 representatives of investment firms in London.
During the conference, Oh promoted Yeouido, Seoul's special financial district. Housing the Financial Supervisory Service and 28 major brokerage and investment finance firms, the area is continuing to develop to better accommodate and incentivize international financial firms, he said.
Following the conference, Oh joined an investor relations forum for Korean fintech firms. It was the first such event at London's Stock Exchange dedicated to Korean firms, according to the Seoul Metropolitan Government.
Promoted at the forum were Horizon Technologies, AijiNet, AIZen Global, Moin and Jobis, Korean firms focused on AI and blockchain technologies. Their services range from brokerage analysis to insurance analysis, remittance and tax payments. Some 30 representatives of London venture capitals and asset managers attended the event.
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| Representatives of Invest Seoul and London Stock Exchange pose after signing a memorandum of understanding in London, Tuesday (local time). Courtesy of Seoul Metropolitan Government |
Invest Seoul, a subsidiary of the city government dedicated to drawing international investments, and London Stock Exchange signed a memorandum of understanding (MOU) on the same day to spur investments in Seoul and Seoul-based firms debuting in the London capital market. The MOU will help high-potential Seoul firms to be listed in the Alternative Investment Market, a pool managed under London Stock Exchange for over 820 promising small and medium-sized firms.
With over 5,000 global finance firms like Goldman Sachs and Citi Group, London accounts for 80 percent of daily foreign exchange transactions across the European Union countries ― amounting for over $2 trillion, according to the Seoul city government. Over 50 percent of global stock exchange transactions and financial derivatives transpire from companies in London as well.
Later in the day, Oh accepted an invitation to visit Mansion House, home of Lord Mayor of the City of London Nicholas Lyons. There, the Seoul mayor pitched his city for investments by British firms and encouraged their expansion to Seoul.
Oh ended the day by meeting Korean entrepreneurs in London at the Korean Embassy in the United Kingdom.
Previously on Monday, Oh met London Mayor Sadiq Khan at City Hall and discussed how the two cities can jointly fend off the climate crisis and how post-pandemic changes can be managed in local settings.
Khan, the city's first Muslim mayor and also the chair of C40 Cities Climate Leadership Group, had invited Oh to the meeting. Oh last January was elected as vice chair of the group's sub-organization for East Asia, Southeast Asia and Oceania.
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