The International Monetary Fund(IMF) has ranked South Korea as having the sixth most advanced finance industry in the world.

The Bank of Korea(BOK) on Thursday cited an IMF report that ranked the financial institutions and markets in 183 countries in terms of their depth, access and efficiency. 

South Korean financial institutions recorded zero-point-789 to rank 16th while the financial market index for the country ranked second highest at zero-point-902. 

In the index ranging from zero to one, with values closer to one representing a stronger financial sector, South Korea recorded zero-point-854 overall. 

Switzerland topped the list, with Australia, the U.K., the U.S. and Spain rounding out the top five. Canada ranked seventh, followed by Japan, Hong Kong and Italy.