Where cultural differences create synergy

GME Finance COO Eric Sung, center, poses with employees at the company's office in Seoul, Jan. 30. Courtesy of GME Finance

Getting a job as a foreign national can be difficult in any country. In Korea, the language barrier and stringent immigration policies complicate matters further, particularly for those looking for work not involving hard labor or teaching English.

Even obtaining an advanced degree here does not guarantee easy cultural and economic assimilation. Madhukar Shrestha, a Nepalese national, first came to Korea in 2014 to pursue a master's degree at Ajou University. But after graduating, he found himself in a cycle of short-term jobs, including roles as a server, a cook and a part-timer in small offices.

"I think Korean companies are generally open to hiring foreign nationals. Foreign nationals really work hard to prove themselves, so companies recognize that. But at the same time, they can't sponsor visas for everyone. And language is always an issue; not everybody can be excellent in Korean," Shrestha told The Korea Times.

However, about a year ago, he secured a position at GME Finance, a licensed loan provider for foreign nationals — recognized by the Financial Supervisory Services in Korea since 2019. As a full-time marketing officer, he now oversees loan applications for Nepalese clients.

GME Finance's Nepal team / Courtesy of GME Finance

"The work environment here is very multicultural. We essentially use three languages. I use my native language to communicate with my customers, English to communicate with everybody and also some Korean with the Korean staff," Shrestha said.

Being a foreign national is an asset at GME Finance, according to its COO Eric Sung, who built the company from scratch.

"Securing a loan in Korea can be nearly impossible for foreign nationals. While we adhere to the same standards as domestic banks when providing loans, our foreign staff, sharing the same nationality as the loan applicant, personally reach out to assist them throughout the process," Sung said.

"Communicating in a language that's familiar to our clients, regardless of their fluency in Korean or English, fosters trust. Therefore, we aim to increase our recruitment of foreign nationals to strengthen trust with our customers."

GME Finance COO Eric Sung talks to The Korea Times at its office in Seoul, Jan. 30. Courtesy of GME Finance

Approximately 80 percent of GME Finance's employees are foreign nationals. Their roles span a diverse range, including foreign exchange and sales, as well as the management of partnerships with foreign firms.

This diverse team has been instrumental in the company's growth, with its operating profit reaching 550 million won ($414,125) as of 2022. GME Finance further broadened its services recently by launching an online loan application process, enabling foreign nationals to apply for loans exclusively through its app.

Sung also highlighted the significant contributions of foreign employees in driving the firm's international expansion. For instance, GME Finance's CMO Kumudumali Kanchanamala recently fostered a strong partnership with Sampath Bank, a prominent commercial bank in Sri Lanka, channeling capital into the company.

"While the bank has been a partner of ours, it wasn't a major one initially. Thanks to our employees' efforts in exploring these uncharted areas, we've been able to seize more opportunities for cooperation with foreign partners, effectively reducing costs," Sung said.

GME Finance's CMO Kumudumali Kanchanamala, left, and Madhukar Shrestha, a marketing officer of the Nepal team, talk to The Korea Times at its office in Seoul, Jan. 30. Courtesy of GME Finance

Kanchanamala credits GME Finance's work environment for enabling her to utilize her abilities fully. Initially joining the company as a loan marketing officer focusing on the Sri Lankan segment in 2018, she rapidly advanced in her career. Within a few years, Kanchanamala ascended to the role of head of finance for the Sri Lankan market, and by 2022, she was appointed as CMO. She now oversees operations across 12 countries.

"I got many work experiences here, and my career went up as a result," she said. "There [is] no differentiation based on nationality or educational background in this office. The management puts priority [on] the skills and the performance of the staff. It gives us [hope] that we can reach [a] higher position if we work hard. The management always encourages us to do innovative things."

A campaign poster on the left of the bulletin board at GME Finance's office, Jan. 30, shows that some employees received 1 million won ($753) bonus for successfully quitting smoking. Korea Times photo by Lee Yeon-woo

To ensure a supportive working environment, GME Finance conducts all business meetings in English, accommodating its diverse staff. The company offers language classes for those less proficient in Korean or English. Additionally, it organizes annual gatherings and events designed to foster camaraderie and mutual understanding among its multinational employees. The office culture is further enriched by small campaigns aimed at motivating employees and encouraging high performance and positive morale.

Monica Lee, a Korean national with two and a half years of experience at the company, initially found the multicultural environment challenging.

"At first, I questioned if I was in the right place. However, my perspective gradually shifted as I interacted with my colleagues. My English isn't strong, and some of them struggle with Korean, but we've found ways to connect. I've learned to say 'thank you' in Indonesian and 'you're welcome' in Sri Lankan. Similarly, foreign employees make an effort to speak to me with simple Korean phrases. This mutual effort is how we've come together," Lee said.

"At the end of the day, we're all just people trying to work together in the same space. Cultural differences should not be a barrier to our collaboration."

GME Finance employees celebrate Christmas at its office in Seoul in this December 2023 photo. Courtesy of GME Finance