Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
INTERVIEW Hirediversity streamlines intricate administrative procedures for foreign national
Hirediversity COO Moon Joon talks to The Korea Times at the newspaper's headquarters in Seoul, Wednesday. Korea Times photo by Choi Won-suk
By Lee Yeon-woo
For Moon Joon, COO of Hirediversity, the administrative discomforts foreign nationals face in Korea have always been a pain point. Why can't they use the services they once used in their home countries, just because they moved to Korea? Why are there so many convenient services in Korea that they cannot access?
So he partnered with his high school friend, Shim Hwa-yong, to found a startup in 2020, which has now become Hirediversity.
"During 2018 and 2019, when we were preparing to launch the startup, this market had never taken center stage. When we said we wanted to do business for foreign nationals, many questioned its profitability and scale," Hirediversity COO Moon said in a recent interview with The Korea Times.
"Nowadays, the government assures the public that the solution for the low birthrate lies in immigration policies, and markets for labor and consumption are being reorganized around foreign nationals. But even I did not expect that everything would change this fast."
By cooperating with universities and local governments, Hirediversity handles complex administration processes such as visa issuance and residence card applications on behalf of international students.
"A lot of documents are needed to get a job in Korea, both from employees and firms. The immigration office requires documents that could be sensitive for some firms, such as financial statements. For individuals, it's also difficult to request 10 or 20 kinds of documents from a firm they are newly-employed by. We handle that on their behalf by making a partnership with the firm," Moon said.
Such assistances are offered during their stay in Korea as well. For instance, when foreign nationals move to new dwellings, they must register a change of address with the immigration office within 14 days or face penalties. The procedures can be difficult for non-Korean speakers, and the office can be quite crowded when visited.
"If an individual registers through our app, we assist them step by step in dealing with many administration procedures," Moon added. "Most Koreans aren't aware of these challenges."
The journey started in 2018 when Shim was doing his MBA at Sungkyunkwan University. Half of the students were foreign nationals. For over half of a year, Shim did voluntary work, connecting students with employers in Korea. During the process, Shim often had to ask for personal information, such as residential addresses. This experience led Shim and Moon to realize foreign nationals' discomfort in the country and the potential of a business that solves those challenges.
Four years after its establishment, 30,000 foreign nationals are using the service. Even though the service currently only extends to people attending universities and companies under cooperation agreements, it will be expanded to individual users starting in the first half of 2025, according to Moon.
Moon said that Hirediversity will continue to forge partnerships with companies in many sectors, including banks, insurance, real estate, telecommunications and mobility.
"At first, customers come to us for residence card applications, for instance. After that, they can also be assisted with other tasks within the app, which have been considered difficult, such as opening bank accounts," Moon said. "Becoming a Toss or Kakao for foreign nationals is among our goals."
Moon also emphasized the importance of shifting immigration policies from focusing on quantity to quality.
"Everywhere we go, from MICE (meetings, incentives, conferences, and exhibitions) businesses to universities and local governments, we see projects trying to attract more foreign talent," Moon said. "The speed itself is not a problem. Yet, simply meeting the targeted number won't be enough. We should also care about the quality of these initiatives."