Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
Foreign workers take on bigger roles in Korea's financial industry
Oleg Smagin, a senior manager in JB Financial Group's AX Strategy Division, poses during an interview with The Korea Times at the group's Seoul office in Yeouido, Aug. 26. Korea Times photo by Lee Hyo-jin
By Lee Hyo-jin
Foreign hires move beyond customer service into strategy planning, data analysis
Oleg Smagin's workday in Seoul looks much like that of his Korean colleagues.
The 31-year-old Russian national works as a senior manager in JB Financial Group's AX Strategy Division at its Seoul office in Yeouido, the heart of Korea's financial district.
His work involves market research, writing reports, attending meetings and keeping track of regulatory developments across the financial sector. He usually has lunch with his colleagues and joins after-work gatherings, a familiar part of Korean office culture.
Having joined JB Financial in June 2025, Smagin focuses on finding new business opportunities related to digital assets.
"My main task is to explore business strategies related to digital assets, particularly how assets such as stablecoins can be connected with existing financial services to create new products and services," Smagin said in a recent interview with The Korea Times, speaking in fluent Korean.
Smagin first came to Korea as an exchange student in 2014 and eventually decided to settle here. His current role allows him to put his academic background in economics and previous experience in digital assets to use.
"Regulatory reviews are an essential part of working in the financial sector, so some of the legal terminology can be difficult. Other than that, I don't find the work particularly challenging," he said. "Russia, like Korea, has a strong culture of taking responsibility for one's work, so I don't feel much of a cultural difference."
Rather than viewing his foreign background as a barrier, Smagin sees it as a strength.
"For example, when looking for cases to benchmark, Korean colleagues often think of examples from Korea or the United States. But I can draw on my experiences in Russia or the Middle East, where I have lived, and look at the problem from different angles," he said.
Smagin believes such input will become more important as banks compete more aggressively in digital products.
"As artificial intelligence (AI) is introduced into more areas of financial services, the industry will need people with a wider range of skills and backgrounds. Regardless of nationality, people with a global mindset will be more important in that kind of environment," he said.
Foreign students pose during a graduation ceremony at Dong-A University in Busan, Aug. 20. Yonhap
The Russian national's experience reflects a broader shift in Korea's financial industry, where foreign workers are being recruited for roles beyond serving international customers, signaling a gradual shift in the traditionally conservative industry.
According to JB Financial Group, 17 foreign employees currently work across its headquarters and subsidiaries, including Jeonbuk Bank, Kwangju Bank and JB Capital, and includes Russian, Mongolian, Indonesian, Chinese and Nepali nationals.
Its recruitment of foreign workers has expanded beyond products targeting foreign customers to include positions requiring specialized expertise, such as AX strategy, digital service planning, data analysis and marketing, the company said.
The initiative was pushed by JB Financial Chairman Kim Ki-hong, who drew on his own experience of having to prove himself amid fierce competition while studying in the United States.
"Foreign employees have received positive evaluations not only for their professional expertise, but also for their proactive attitude," a JB Financial official said.
"They have also achieved tangible results in areas such as lending to foreign customers and digital service planning, based on their strong understanding of foreign residents and markets in Korea," the official said.
JB Financial is not alone in broadening recruitment of foreign workers.
Customers from a wide range of backgrounds wait for services at Hana Bank’s Euljiro branch in Seoul, March 8. Korea Times photo by Lee Kyung-min
Hana Bank currently has 52 foreign employees from 15 countries, including China, Uzbekistan, Indonesia, Thailand, Myanmar, Vietnam and Canada. The bank has expanded recruitment in the first half of this year, hiring 13 foreign employees amid growing demand from foreign customers.
Foreign employees at Hana mainly work at branches specializing in services for international customers, while some work at headquarters as marketers in the bank's foreign exchange customer marketing division.
"They have contributed to the development of an app dedicated to overseas remittances, as well as the design, development and operation of remittance services using an application programming interface in partnership with overseas banks," a Hana official said. "They have also participated in developing savings products specifically for foreign customers."
The trend is even more pronounced in the fintech industry.
Fintech platform Toss does not limit recruitment by nationality and employs foreign nationals across a range of roles, including product development, engineering and anti-money laundering.
"Rather than being limited to specific roles, foreign employees participate in core areas of Toss based on their expertise, from product planning and development to improving the user experience,” a Toss official said.
"Some foreign employees also lead projects and teams. Opportunities for growth are not differentiated by nationality, so talented people with the right expertise and leadership skills can expand their roles across various areas," the official added.
Toss is also using AI-powered translation tools to make collaboration between Korean and foreign employees easier.
Students consult with recruiters during a job fair for international students at Sejong University in Gwangjin District, Seoul, Nov. 7, 2024. Newsis
Hiring foreign nationals, however, can sometimes come with challenges.
Visa and residency requirements can be a hurdle, while language barriers and differences in workplace culture can make onboarding difficult.
In most cases, foreign employees are on E-7 visas, which are issued to non-citizens with verified professional expertise or specialized technical skills and typically require annual renewal.
"Since managing visa status can be challenging, there is a tendency to prefer foreign employees who already hold permanent residency or a marriage-based visa," a banking industry official said.
"Even if someone speaks Korean fluently in everyday life, financial terminology can be a different story. We provide additional training to help foreign employees get up to speed with industry-specific language and practices," the official said.