Open competition to select single treasury bank to manage district finances for four years from 2027 to 2030
2025 fiscal budget stands at 1.09 trillion won, covering general and special accounts plus 14 funds
Information security capabilities, including financial data protection and system stability, to be rigorously assessed
Seodaemun-gu is launching a selection process to designate a treasury bank that will manage the district's finances — worth around 1 trillion won ($724 million) — for the next four years.
Particularly amid growing concerns over financial security incidents, the district is strengthening its evaluation of information security capabilities, including financial data protection and system stability, to identify a financial institution capable of safeguarding residents' tax revenues and fiscal data.
Seodaemun-gu announced it will post a public notice of its "Seodaemun-gu Treasury Bank Designation Plan" by Sept. 15, and will accept proposals from financial institutions for the next treasury bank designation over three days from Sept. 16 to Sept. 18.
The contract period for the new treasury bank will run four years, from Jan. 1, 2027, to Dec. 31, 2030.
Seodaemun-gu's 2025 fiscal budget totals 1.09 trillion won — comprising a general account of 974 billion won, a special account of 24.8 billion won, and funds of 96.1 billion won. The average balance across all accounts stands at 198.2 billion won. The district operates a single-bank system in which one financial institution manages the general account, four special accounts, and 14 funds.
The treasury bank will be selected through open competition. The district will form a "Seodaemun-gu Treasury Bank Designation Review Committee" composed of experts from various fields, and will comprehensively evaluate financial institutions based on scoring criteria set out in relevant regulations and detailed assessment standards confirmed by the committee.
This selection round will place particular emphasis on information security screening. Beyond a financial institution's fiscal management capabilities, the review will examine its financial data protection capacity, system stability, and ability to respond to security incidents, to verify that it can be trusted to safely handle residents' tax revenues and fiscal information.
The Seodaemun-gu Treasury Bank Designation Review Committee is scheduled to convene in October. Based on the review results, the district plans to designate the final treasury bank and sign the agreement within the same month. The detailed schedule is subject to change depending on how the process unfolds.
The designation process will proceed in accordance with the Local Accounting Act and its enforcement decree, the Ministry of Interior and Safety's standards for local government treasury bank designation, and Seodaemun-gu's own rules governing treasury bank designation and operation.
"There must be no gaps whatsoever in protecting the taxes entrusted to us by residents," Seodaemun-gu District Mayor Park Un-gi said. "We will carefully select a treasury bank that can safeguard both fiscal stability and information security." Further details are available through the public notice section of the Seodaemun-gu District Office website or by contacting the district's finance division.
Meanwhile, major commercial banks including Woori Bank, Shinhan Bank and KB are reportedly reluctant to bid for district treasury contracts, as high bid amounts, fixed high interest rates and demands for sponsorship funds have made the business less attractive.
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