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poses challenges to finance, however we believe that more fintech Today we are witnessing rapid changes in the international finance
business based on blockchain technology will be established in the market. In this wave of transformation, we should keep moving towards
coming years. the future. I wish the AFIS and ASMMA annual meeting will serve as Ceremony Opening
an important platform to widen networks in the finance industry and
Therefore, designation of Busan as the special blockchain zone further promote the Busan financial hub. I hope you enjoy Busan to the
will play a crucial role for the growth of the finance industry. Related fullest and have a pleasant stay. I wish exchanges between the financial
businesses will be allowed to develop new technologies without experts will be further strengthened on the occasion of today's meeting.
regulation hurdles. The government will provide tax benefits and In closing, I wish you every success. Thank you.
financial support as well. As a result, we expect to attract a significant
amount of investment to the local economy. Furthermore, in the era
of 4th Industrial Revolution, the Busan city government is striving to
achieve financial innovation. Based on such an infrastructure, Busan is
making best efforts to attract global capital and financial institutions, and
to host national conferences on finance. As such, we aim to take a leap
forward to become a global financial hub. In this regard it is our great
honor and pleasure to host the AFIS and ASMMA annual meeting in
Busan.

Recent large-scale disasters in some Asian countries pose risks to the
financial market. Busan will make our best efforts to minimize such
impact. Furthermore, North Korea has entered the irreversible path
towards openness. In this regard the city government of Busan fully
recognizes the need to establish North Korea's Development Bank in
Busan to provide support to North Korea's financial industry. We are
in active cooperation with the national government on these efforts. In
addition, Busan will host 2019 Asian ROK Commemorative Summit
in this coming November. Eleven heads of state, business leaders and
generations will gather together to discuss how to promote cooperation
between the participating countries. The summit is expected to provide a
crucial momentum for us to become a center of global trade and finance
by further enhancing economic cooperation with our Asian partners.
Your support and cooperation on this summit will be truly appreciated.

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