[Anchor]

Jeollabuk-do is taking full-fledged steps to be designated as the country's third financial hub, differentiated from Seoul and Busan. The vision is to create an asset management-focused hub centered around the National Pension Service, one of the world's top three pension funds, located in Jeonju.

This is a report from Lee Jeong-min of JTV.

[Reporter]

The National Pension Service settled down in Jeonbuk in 2015.

Over the past decade, its accumulated funds have surpassed 1,800 trillion won, making it stand tall as one of the world's top three pension funds.

The National Pension Service grows its assets through the Fund Management Headquarters and commissioned asset management, and it is increasing that scale every year, with more than 51%—over half—entrusted to asset management firms.

This is why domestic and foreign major financial companies, including BNY Mellon, KB, and Shinhan, are heading to Jeonbuk.

Currently, there are as many as 26 domestic and foreign financial companies with offices in Jeonbuk.

[Kim Sung-joo / Chairman of the National Pension Service (August 21, JTV Interview): The National Pension Service will play the role of bringing them close together. So that a business ecosystem is practically created, allowing the Jeonbuk Innovation City to develop into a central city for global asset management...]

Based on this agglomeration effect, Jeonbuk State has launched a renewed bid for designation as the third financial hub.

It is putting forward a niche strategy specialized in asset management, differentiated from Seoul's comprehensive finance and Busan's marine and derivatives finance.

The calculation is that if asset management firms gather, a complete financial ecosystem will be formed where investment specialist firms, accounting, and IT functions are integrated as well.

In addition, the construction of infrastructure to bring asset management firms together is entering the final countdown.

With the full-fledged promotion of building a 30-story Jeonbuk International Finance Center, Jeonbuk's financial infrastructure, which had been software-centric, will now be equipped with hardware.

[Seo Nan-i / Member of the Economic, Trade and Construction Committee, Jeollabuk-do Provincial Assembly: It is important to speed up the commencement and completion so that the center can be completed early, allowing various financial companies to establish themselves in this region.]

Experts predict that if an asset management hub is established in Jeonbuk, the ripple effect on the region will be substantial.

The explanation is that it can go beyond merely entrusting and managing the national pension, leading to the creation of funds or derivative product investments linked to future industries such as Jeonbuk's strong points in the agri-bio industry, Saemangeum RE100 industrial complex, and physical AI.

[Kim Si-baek / Senior Research Fellow, Jeonbuk Institute: It can lead to agri-bio sectors and various alternative investments, and I think the qualitative level of finance, such as ESG, will change.]

Jeonbuk State is solidly laying the framework of a financial city based on a massive 1,800 trillion won asset management ecosystem.

Its bold challenge toward becoming the third financial hub is getting into full swing.

(Video by: Lee Jin-kang, JTV)

Lee Jeong-min, JTV