Delegation to Japan & Korea

On behalf of Frankfurt Main Finance, Jochen Biedermann took part in a delegation visit of the state of Hessen to Tokyo and Seoul, led by Tarek Al-Wazir, Minister for Ministry of Economics, Energy, Transport and Regional Development. The high ranking Hessian delegation met political leaders, various ministries, financial service providers and FinTech companies in both countries, Japan and South Korea.

Not only Japanese and Korean banks, but also government officials of both countries were keen to learn more about the German view on “Brexit” and about the advantages of Frankfurt as a potential headquarter for the European operations of Japanese and Korean financial service providers.

Furthermore, an initial contact was established to “FinTech Japan”, the Japanese FinTech association. There is a strong mutual interest in jointly organizing FinTech matchmaking events in course of 2017. With South Korea, already a close partner to Frankfurt in FinTech and beyond, next cooperation steps were discussed, in particular in the area of Blockchain. The FinTech community in South Korea is looking forward to the visit of a German FinTech delegation mid of January 2017, which is organized by Frankfurt Main Finance.

Renminbi Forum

FMF Leads Panel at Luxembourg Renminbi Forum

On June 15, 2016, international leaders from governments and the finance industry met for the third Luxembourg Renminbi Forum to discuss the internationalisation of the Chinese currency. Representing Frankfurt Main Finance at the Renminbi Forum, Hubertus Väth led an exciting panel discussion with leading Renminbi experts titled Stock Exchanges – New Role in RMB Internationalisation. Panelists included Kevin Rideout, Managing Director at Hong Kong Exchanges & Clearing, Robert Scharfe, CEO Luxembourg Stock Exchange, Tilman Fechter, Executive Director of Sales & Relationship Management, Investment Funds Services at Clearstream, and Jianhong Wu, Board Member at China Europe International Exchange (CEINEX). The panellists explored how European stock exchanges will support the internationalisation and growth of the Renminbi. Several initiatives are already underway, for example CEINEX, the first dedicated trading venue for China- and RMB-related investment products in international markets, was established in Frankfurt in 2015.

You can watch the entire panel discussion in the video below.

Video compliments of Luxembourg for Finance.

FMF at Globalization of FinTech in Korea Symposium

By invitation of the Global FinTech Research Institute in Seoul, Jochen Biedermann gave a keynote at the symposium Globalization of FinTech in Korea. Top-ranking Korean politicians took part in that event. He presented the results of Frankfurt’s FinTech initiative Dialogforum FinTech Frankfurt Rhein-Main and introduced Frankfurt’s new FinTech centre, which will open in October. Furthermore, he motivated next steps in strengthening the FinTech partnership with Korea. Dr Biedermann also visited several Korean FinTech companies and encouraged them to expand their business to Europe via FinTech hub Frankfurt. With Finotek, a leading Korean FinTech company has already a presence in Frankfurt Rhein-Main and will send a representative from August onwards.

In a second keynote, Dr Biedermann spoke about international developments in FinTech and Blockchain at the Korean Computer Congress in Jeju-City.

The next visit of a Korean FinTech delegation to Frankfurt is planned for October.

 

Signature Event “Think Asia, Think Hong Kong” in Frankfurt/Main

Hong Kong’s flagship overseas promotion “Think Asia, Think Hong Kong”, organised by the Hong Kong Trade Development Council (HKTDC), will be launched in Germany for the first time this year. A series of events from 27 to 29 September will be staged in Düsseldorf, Frankfurt, Hamburg and Munich to provide business people from various sectors with the chance to learn more about the business environment in Hong Kong, the Chinese mainland and Asia and to expand their networks. As part of the event series making its debut in Germany, Frankfurt Main Finance e.V. will be one of the supporting organisations for the seminar in Frankfurt. Read more

Friendly Visits Between China and Hesse

The Hessian Minister of Economics’ trips to China in 2012, 2013 and 2014 were aimed at intensifying mutual relations. They were also pivotal in establishing Frankfurt as a Renminbi hub. Read more

Korean FinTechs Visit the Financial Centre Frankfurt

To help mark the 25th anniversary of Germany’s reunification, a 14-member South Korean delegation headed by Congressman Kim Jeong Hoon (pictured with Angela Merkel during the reception) visited the financial centre, Frankfurt. The delegation included leading FinTech companies like YAP Global, Finotek, Yello Finance Group and Datastreams corp. Frankfurt Main Finance organised an exchange at the offices of Frankfurt Economic Development between Frankfurt’s universities, Germany’s leading FinTech companies and the Maininkubator.

South Korea is the world leader in mobile payment among industrialized countries with a usage rate of 40%. With more than 60 million mobile payment users, Koreans are among the world’s fastest adaptors of FinTech.

Dr. Lutz Raettig, Chairman of the Executive Committee of Frankfurt Main Finance was impressed: “In this regard, Germany needs to catch up and we want to this to happen. On the other hand, in Frankfurt we have FinTech companies, like as 360T, which are unparalleled infrastructure providers. Korea and Germany complement each other well and we therefore hope to continue to work together even more closely.”

In December 2013, the financial centres Frankfurt and Busan signed a “Memorandum of Understanding” to mutually support and strengthen one another.

Economics Minister Al-Wazir Travels with Delegation to China

The Hessian Economics Minister Tarek Al-Wazir departed Saturday for a weeklong trade mission to the People’s Republic of China. A few months after Frankfurt being named the first Renminbi first trade centre in the Eurozone, finance and economics meetings are at the centre of the trip. “The foundation has been laid, so that Frankfurt can establish itself as a central RMB trading platform in the euro area. The talks with the Chinese central bank, amongst others, will be concerned with fine tuning so that operations can get off the ground as quickly as possible. This will greatly benefit the financial centre of Frankfurt and also many SMEs in Hesse, whose business with Chinese partners will be significantly simplified, “said Al-Wazir upon his departure in Frankfurt.

“The conditions for even closer integration between Hessian and Chinese companies are good,” said Al-Wazir. China is the most important economic partner in the Asian market. The combined overall trading volume is currently over 9 billion Euros. At the same time, China is among the most active foreign investors in Hessen. “More and more Chinese technology companies, who want to invest in high-tech segment, are looking for a location in Europe. Hessen offers especially optimum conditions with its wide range of qualified professionals, high economic power and Frankfurt Airport as an international hub.” There is a great demand in China in sectors like environmental industries, energy efficiency, new materials and information and communication technologies. The Hessian economy compliments this demand with a high degree of expertise in these fields.

The delegation will stop in the capital Beijing, the financial centre of Shanghai and the Hessian partner-province of Hunan.

In Beijing, the conversations with the Chinese Ministry of Commerce (3/11) and the Ministry of Industry and Information Technology (4/11) will focus on the expansion of trade and investment.

In Shanghai (6/11) investment conditions in the Shanghai Free Trade Zone will be a focus of discussions with the local Trade Commission and Investment Authority. On the same day, the 3rd Hessen-Shanghai Business Forum will take place.

In addition to the capital Beijing and the economic hub Shanghai, the Hesse’s partner province Hunan (since 1985) is the third destination (5/11.). Economically speaking, Hunan is among the 10 strongest provinces in the PRC and since June this year is connected to Frankfurt with a direct flight. Hunan is one of the provinces with ambitious goals for improving their environmental quality and plans for resource-saving, environment-friendly development path. There project and company visits will be at the centre.

Overall, the delegation includes nearly 70 people. Their journey will last until 07/11.

Frankfurt and Istanbul Cooperate Successfully in the Finance Sector

Mayor Feldmann sees positive results on Istanbul visit: submits concrete projects to develop digital infrastructure and locations

(Pia) In a recent visit Istanbul, Mayor Peter Feldmann and his 20-member delegation were received by Ahmet Selamet, the Deputy Mayor of the 15 million person metropolis. Conversations focused on a mid-term review of 2012’s Memorandum of Understanding, on economic cooperation in the development of Istanbul as a financial centre.

Since 2012, several expert meetings and workshops have been held in Frankfurt and Istanbul, most recently at the Istanbul Finance Summit in 2014. Core themes in consultation with Frankfurt Economic Development and Frankfurt Main Finance were the development of a financial centre cluster, the spatial development of financial centres and the necessary digital infrastructure. To this end, Frank Orlowski of DE-CIX Frankfurt served as a competent representative of the Digital Hub FrankfurtRheinMain.

The City of Istanbul was especially pleased to see that Mayor Feldmann and the Frankfurt Economic Development already had two concrete project proposals: plans to develop a digital infrastructure and a settlement strategy for the growing financial centre Istanbul.

Press release on the City of Frankfurt website (German).

South Korean Delegation Visits Financial Centre Frankfurt

In October 2015, leading Korean FinTechs, including Finotek, Yello Finance Group and Data Stream Corp. visited the Financial Centre Frankfurt under the leadership of Congressman Kim Jung-Hoon. The delegation made forward looking cooperation agreements while in Frankfurt. In addition, meetings were held with KfW IPEX Bank and other Frankfurt institutions. A FinTech workshop organized by Frankfurt Main Finance brought together representatives from FinTech companies, universities and politics from both Busan and Frankfurt. Both Financial Centres see great potential for future exchange in the area of FinTech.

“We have created a trusting partnership with Korea. From derivatives trade to maritime financing to FinTech, these are all themes in which we closely cooperate. We have been especially successful in bringing together financial institutions, universities and young FinTechs from both sides.” explained Dr. Jochen Biedermann of Frankfurt Main Finance at the end of the visit.

Peking

Long-time cooperation between Hesse and Beijing

The friendly relations between Frankfurt and China go back to the eighties. The partnership with Guangzhou, the capital of Guangdong province, was established as early as 1988.

In order to strengthen the economic ties between the cities of Frankfurt and Beijing, the Frankfurt Economic Development Company and the Beijing Investment Promotion Bureau signed a memorandum over friendly cooperation in August 2007.

Since then, the dynamic economic development in China, and especially in Beijing as the centre of the financial industry, has rapidly accelerated. In the third quarter of 2012, over 1,000 financial institutions and over 400 supervisory and regulatory bodies were headquartered in the Beijing Financial Street. Around 174,000 employees work there today for various kinds of financial service providers, which amounts to 70 percent of all employees in the finance sector throughout Beijing. The volume of financial assets totalled 62.1 trillion yuan RMB, accounting for almost 50 percent of the national total.

Accordingly, it was only logical for the financial hub Frankfurt to sign an agreement with Beijing in 2012 about long-term cooperation between the two financial centres. The arrangement centres on issues of financial market regulation and risk management as well as the education and training of managers and executives. The financial location Frankfurt is thus further expanding its excellent capabilities and contacts in these areas.

With its Xicheng District, Beijing is one of the most dynamic financial centres in the world. The collaboration is a valuable asset to the global network of the financial centre Frankfurt. Xicheng offers great business potential, which is to be developed for the financial industry in Hesse by the joint initiatives of the Hesse state government, the representatives of the economic community in Hesse and the financial centre Frankfurt.

The financial centre agreement is rounded off by an agreement to stage a Hessian-Chinese Economic and Trading Day in Frankfurt. The possibility of setting up a Chinese-Hessian business advisory board is being explored.