GFCI released twice yearly in March and September; Seoul ranked 8th in March

Fintech ranking hits all-time high of 7th; city reputation jumps from 9th to 3rd

Seoul Mayor Oh Se-hoon vows to further strengthen city's financial competitiveness

An aerial view of Yeouido in Yeongdeungpo-gu, Seoul, where financial firms and institutions are concentrated. [Seoul Metropolitan Government]
An aerial view of Yeouido in Yeongdeungpo-gu, Seoul, where financial firms and institutions are concentrated. [Seoul Metropolitan Government]

Seoul ranked 7th in the Global Financial Centres Index, which measures the financial competitiveness of major cities worldwide, also hitting an all-time high of 7th in the fintech category.

The Seoul Metropolitan Government announced Thursday that the city placed 7th overall among 139 cities in the 40th edition of the GFCI, published by British consulting group Z/Yen — one spot higher than its previous ranking of 8th.

Seoul has climbed steadily since debuting at 53rd in 2009, jumping to 16th in 2021 and 12th in 2022, and has remained in the global top 10 for four consecutive years. The GFCI is co-published by Z/Yen and the China Development Institute and is one of the leading global benchmarks for comparing financial competitiveness across major cities.

Published twice a year in March and September since 2007, the index combines five assessment categories — city reputation, infrastructure, financial industry development, business environment and human capital — with an online survey of financial professionals worldwide.

Particularly notable in this round was Seoul's fintech ranking, which reached an all-time high of 7th. The city first entered the top 10 in September last year, debuting at 8th, and has now climbed one further place.

To build Seoul into a digital financial hub, the city operates a fintech development system tailored to different stages of company growth. Through Seoul Fintech Lab, which supports growth-stage companies, and the Second Seoul Fintech Lab, which nurtures early-stage startups, the city has identified and developed a total of 530 fintech firms to date.

Those companies have generated cumulative revenue of 1.11 trillion won ($824 million), attracted 574.6 billion won in investment and created 5,592 new jobs. A tenant company also won the CES 2026 Best Innovation Award and an Innovation Award in the fintech category.

Seoul's financial competitiveness improved broadly across subcategories. The city ranked 3rd in city reputation and 5th each in infrastructure, financial industry development and business environment.

City reputation saw the sharpest gain, surging six places from 9th to 3rd — a category that assesses city brand, attractiveness, cultural diversity and innovation. The full subcategory breakdown shows Seoul ranked 3rd in city reputation (up from 9th, a six-place gain), 5th in infrastructure (up from 10th, five places), 5th in financial industry development (up from 8th, three places) and 5th in business environment (up from 6th, one place).

Seoul also ranked 6th last year in the Global Power City Index published by Japan's Mori Memorial Foundation, which analyzes overall urban competitiveness across six major categories — economy, research and development, cultural interaction, livability, environment and accessibility — along with 26 subcategories and 70 indicators. Seoul started at 13th when the GPCI was first published in 2008, reached 6th once in 2012, slipped to 8th in 2020 and 2021, then reclaimed 6th last year. The city also placed 9th overall in Time Out's "World's Best Cities 2026," a jump of 33 places from 42nd in 2024.

Meanwhile, New York and London again topped the GFCI at 1st and 2nd, respectively, with Hong Kong (3rd), Singapore (4th) and Shanghai (5th) rounding out the upper tier. Seoul continues to compete among the world's top 10 financial centers alongside those leading global cities.

Seoul Mayor Oh Se-hoon said the city "is no longer chasing leading cities — it has become a city that competes confidently at the very top of the global rankings." He added that as cities around the world vie for talent and technology beyond capital and corporations, Seoul would "nurture the digital finance ecosystem where it holds a competitive edge, create an environment that attracts global companies and talent, and continue to raise Seoul's financial competitiveness."


cook@heraldcorp.com