The City of Busan has announced that United Insurance Brokers (UIB) and LINA One have been chosen to set up their operations at the Busan International Finance Center (BIFC). This major step is aimed at bolstering the city’s financial landscape amidst challenging global economic conditions. The decision follows a comprehensive selection process that began in June, seeking suitable foreign financial institutions for the new D-Space located on the 63rd floor of the BIFC.
The selection process, which started on June 20 and concluded on July 7, 2023, involved a two-stage review: an initial document review accounting for 30% of the evaluation, and a final presentation review making up the remaining 70%. The evaluation criteria included potential for synergy with the Busan finance sector, strengths in marine, derivatives, and digital finance, and the ability to enhance the synergistic effect with Busan’s financial infrastructure.
Despite the withdrawal of several foreign financial institutions from the domestic market and the long-term air travel restrictions due to COVID-19, the city remained undeterred. In collaboration with the Busan International Financial Promotion Agency, the city implemented strategies such as investment briefing sessions, online investment briefings, and leveraging of local networks to attract international financial institutions.
UIB, a South Korean subsidiary of the UIB Group, one of the world’s top three insurance consulting firms, and LINA One, a Korean branch of the largest listed insurance company globally, Chubb Group, emerged as the successful applicants.
UIB plans to form a consortium with domestic insurance firms, DB Insurance Co., Ltd. and Meritz Fire & Marine Insurance Co., Ltd., to provide risk management and necessary insurance products to Busan-based marine and period industry companies. UIB also intends to digitalize essential insurance products for businesses via collaborations with domestic firms. Additionally, UIB revealed its ambition to enhance the recognition of Busan finance globally by attracting international conferences to Busan using its international network.
LINA One aims to invigorate the insurtech market by digitalizing insurance for businesses and individuals, leveraging Chubb Group’s international digital capabilities and experience. The company also plans to offer new opportunities by capitalizing on its global experience and competitiveness in marine and derivatives finance, liability insurance, and digital innovation.
The City of Busan is committed to providing one-stop services, including business model discovery support and living condition consulting, to facilitate the successful establishment of these companies in Busan. Anticipating a synergistic effect with various firms, including the BNK Financial Group, in the BIFC Phase 3 space set to be completed in 2025, the City is optimistic about these companies successfully launching and operating their businesses.
Mayor Park Heong-joon welcomed the arrival of UIB and LINA One, expressing that “Busan is strengthening its foundation as a financial city through the development of the Busan International Finance Center, the relocation of the first public financial institution, cultivation of financial specialists, and the discovery of new growth drivers such as fintech, blockchain, and digital.” Mayor Park also voiced his hope that more companies would opt for Busan and emphasized the city’s commitment to attracting capable domestic and foreign financial institutions to reinforce Busan’s financial ecosystem.
