Mayor Oh hypes Seoul as 'top 5' financial hub by 2030 in Dubai

Seoul Mayor Oh Se-hoon shared his vision for turning his city into one of the world's top five financial hubs and discussed ways to bolster cooperation with Dubai on Monday during his weeklong trip to the United Arab Emirates (UAE).

Seoul Mayor Oh Se-hoon speaks at the Dubai FinTech Summit held at Madinat Jumeirah on Monday. The mayor was invited as a keynote speaker at the event and delivered a speech introducing Seoul as a global economic innovation hub. [SEOUL METROPOLITAN GOVERNMENT]

Seoul Mayor Oh Se-hoon shared his vision for turning his city into one of the world's top five financial hubs and discussed ways to bolster cooperation with Dubai on Monday during his weeklong trip to the United Arab Emirates (UAE).

Oh shared the city’s successful implementation of innovative finance policies during his keynote speech at the Dubai FinTech Summit. The event, which was centered on “pioneering fintech’s future," was attended by around 8,000 global financial leaders this year.

The mayor was invited to the event by the Dubai International Finance Center, the Seoul Metropolitan Government said.

During his speech delivered in English, Oh praised three factors — abundant and capable human resources, the brand power of economy and culture and the world-class ICT and digital infrastructure — for Seoul's jump from 43rd to 10th on the Global Financial Centres Index, published by the London-based consultancy company Z/Yen.

"We‘ve also focused our efforts on abolishing excessive regulations and creating more integrated financial clusters in the Yeouido area," he added.

The mayor stressed that the city would develop further by cooperating with Dubai, pointing out how the two cities similarly strive for "innovative changes."

The mayor also shared his plan to improve the living environment for foreigners, such as by building more international schools and hospitals and establishing an English-friendly city.

Oh mentioned the city's Climate Card as an example of the capital's fintech innovation, announcing that the card will soon be released in a version for foreign tourists.

"Don't you want to come and visit Seoul and try this card?" he asked.

The mayor also shared the city’s plans to expand digital finance, such as by supporting startups in the area.

"I dare say that Seoul will become an attractive global top-five city in terms of culture, startups and finance by 2030," the mayor said.

The mayor visited a booth for 12 Seoul-based companies participating in the event and promised the city’s support in expanding opportunities in the UAE.

Before the speech, Oh met with UAE Deputy Prime Minister Sheikh Mohammed bin Rashid al Maktoum to discuss bolstering cooperation between Dubai and Seoul on finance and the economy.

On the same day, Oh visited the Dubai Chamber of Commerce to sign a business agreement between the Dubai chamber and Invest Seoul, the capital’s foreign investment promotion agency.

The Seoul city government expects that the cooperation would serve as a means for Korean businesses to expand to the UAE, given that the Dubai Chamber of Commerce hosts the Expo and North Start, the largest IT startup fair in the Middle East, every October.

The Seoul mayor is also scheduled to travel to Abu Dhabi on Wednesday to speak at the Annual Investment Meeting on the city’s policies on future transportation.

BY CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]