Seoul ranks 16th out of 75 major cities worldwide in terms of the competitiveness of financial services on the Global Financial Centres Index compiled by British consulting group Z/Yen. The Seoul metropolitan government said Monday the city rose eight notches from 24th in September last year.
Cities are evaluated in five main categories -- people, business environment, market access, infrastructure and general competitiveness, based on online surveys of global financial experts. The results of the evaluations are announced in March and September each year.
Seoul ranked third after Shanghai and Singapore in terms of the greatest potential to develop into a financial hub. It came fourth after Hong Kong, Shanghai and Singapore as the city foreign investment banks would consider for new branches within the next few years.
The city government said the rise was the result of efforts to bolster financial infrastructure such as construction of the Seoul International Finance Center in Yeouido and other business centers catering to foreign investors. Seoul's rank has risen steadily since 2009 when the city ranked 53rd. London came first in the latest GFCI survey, followed by New York and Hong Kong.