South Korea’s financial authorities will expand overseas investment of the National Pension Service (NPS) and the Korea Investment Corporation (KIC) to foster local financial centers such as Seoul and Busan, MoneyToday reported on Sunday.

According to the report the Financial Service Commission (FSC) said it held the 42nd Financial Center Promotion Committee to deliberate on the “5th Basic Plan on the Creation and Development of Financial Center”. The plan will be finalized at the FSC regular meeting on July 27.

Since 2008 the FSC has made a basic three-year plan for the financial hub on four occasions and this is the fifth. After designating Seoul and Busan as financial hubs in 2009, the financial authority continued to improve the system and innovate regulations.

In the latest plan FSC proposed three major strategies: generating private-focused innovation through better regulations, establishing infrastructure for financial innovation growth such as data utilization, and selecting and concentrating global capabilities, the local media said.

The government plans to focus on growing the financial industry’s advantages, including fintech and expanding asset management markets

Korea’s pension fund is worth $573 billion, the third-largest in the world after Japan and Norway. Financial authorities will boost the management of retirement pensions and pension funds while NPS and KIC will expand overseas investment.