Seodaemun District to Select Next 1 Trillion-Won Treasury with Enhanced Information Security Evaluation

District Budget Set at 1.095 Trillion Won
Proposals to Be Accepted in September

Seodaemun District in Seoul has begun the process of selecting its next district treasury, which will be responsible for managing district finances worth about 1 trillion won over the next four years. Amid growing concerns over financial cybersecurity incidents, the evaluation criteria for this selection will place greater emphasis on information security capabilities such as data protection and system stability.

View of Seodaemun District Office building. Provided by Seodaemun District Office.

Seodaemun District (with Park Woonki as mayor) announced on August 31 that it will publicly post the ‘Seodaemun District Treasury Designation Plan’ until September 15, and will receive treasury designation proposals from financial institutions over a three-day period from September 16 to 18. The new treasury agreement will run for four years, from January 1, 2027, to December 31, 2030.

Seodaemun District’s budget for 2025 is set at 1.095 trillion won, comprised of 974 billion won for the general account, 24.8 billion won for special accounts, and 96.1 billion won for various funds. The average deposit balance across all accounts is 198.2 billion won. The district operates a single treasury system, with one financial institution managing the general account, four special accounts, and 14 funds.

The treasury designation process will proceed through an open competitive method. The district will form the ‘Seodaemun District Treasury Designation Deliberation Committee’ with experts from various fields, which will conduct a comprehensive evaluation of financial institutions’ capabilities based on point allocation standards in relevant rules and the committee’s detailed assessment criteria.

In particular, this year’s selection process will strengthen assessments related to information security. In addition to evaluating financial management abilities, the district will also scrutinize financial data protection, system stability, and incident response capabilities, to ensure that residents’ tax funds and financial information can be safely entrusted—according to the district’s policy.

The Deliberation Committee is expected to convene in October. Based on the committee’s results, the district will finalize the treasury selection and sign a contract within the same month. Detailed scheduling may change depending on administrative developments. This treasury designation process is being conducted in accordance with the Local Accounting Act, its enforcement regulations, the Ministry of the Interior and Safety’s ‘Criteria for Designation of Local Government Treasuries’, and the ‘Seodaemun District Rules for Treasury Designation and Operation’. Currently, the district’s treasury is managed by Woori Bank.

Mayor Park Woonki said, “There must be absolutely no margin for error in safeguarding tax funds entrusted by residents,” adding, “We will carefully select a treasury that can ensure both financial stability and information security.”

This content was produced with the assistance of AI translation services.