Jeonbuk, rising to become a global financial center... Strengthening government and private sector cooperation

The government and private financial institutions are working together to advance specific plans aimed at transforming North Jeolla Province into a financial innovation hub. North Jeolla Province’s Special Autonomous Province, the National Pension Service, and KB Financial Group are collaborating closely to strengthen North Jeolla’s competitiveness in asset management.

At the business agreement signing ceremony held at the North Jeolla Provincial Office on the 23rd, North Jeolla Governor Kim Kwan-young, the Chairman of the National Pension Service Kim Seung-joo, and KB Financial Group Chairman Yang Jong-kyu all attended. The parties discussed plans to build a financial ecosystem, activate the local economy, and establish North Jeolla as a global asset management base. This initiative is part of KB Financial Group’s “KB Financial City” project announced in January this year to develop an innovative city in North Jeolla, involving both private and public sector participation.

Under the agreement, North Jeolla Province will provide administrative support, while the National Pension Service will strengthen its asset management cooperation system with private financial institutions. KB Financial Group will promote the concentration of key affiliated companies within the region through collaboration with partners. KB Financial has already begun establishing branches of major financial institutions such as KB Asset Management in Jeonju to support this strategy.

The three organizations also agreed to promote the development of the financial industry within the province, including international exchanges, local talent development, and mutually beneficial cooperation plans. They aim to enhance North Jeolla’s financial city image through international financial conferences and actively attract top global asset management firms like BlackRock and Fidelity. Additionally, they will strengthen the financial education system by implementing financial literacy programs covering all levels from elementary school to university.

These initiatives are expected to lay the foundation for North Jeolla to establish itself as a global financial center and play a significant role in the economy. With continued policy support and coordinated efforts among participating organizations, North Jeolla has the potential to become an innovative leader in asset management.