Since its inception, PayGate now operates in Japan, Hong Kong, Singapore, the USA, Australia, the UK and Luxembourg, with head office in Korea. Beginning with security technology and credit card payment systems, PayGate has now expanded to incorporate services such as international remittance, currency exchange and tax refund services.
Consequently, PayGate has transformed into a financial service provider, creating an innovative IT platform which has enabled them to provide a cost-effective, efficient service to their customers and clients. CEO Soyeong Park explains, “Companies like to pay less and have more accessibility. We focus more on convenience and cost effectiveness for companies while providing e-commerce business, transfer works and IT platform for all types of startups, FinTech Companies like P2P lending, Crowdfunding companies.”
PayGate’s patented platform, named ‘Seyfert’ is based on a blockchain system which has become common chain within FinTech companies. With an aim to become a Global banking business corporation, the platform has enabled cost-effective international banking for businesses. “Our unique IT platform gives us a unique identity in the financial world,” explains Park. “This competitive advantage has attracted many businesses in the financial world to partner with us. We get hundreds of inquiries and our partners are amazed by the service quality and cost effectiveness we provide to them.” The company is also beneficial for users who have no requirement for international banking, with PayGate making it possible for foreign, financial institutions to utilise its services.
With the rise of mobile apps and other digital technologies, the company’s financial systems are unique with regards to security technology. Park comments, “When PayGate was first established, FinTech was not widely known, but is now thought to be one of the IT solutions for e-commerce. We realised that 'credibility' is the key value in finance, and we must protect our customers' information perfectly.” PayGate has listened to customer feedback throughout the years, and instead of outsourcing its financial platforms like its main competitors, it has retained all systems in house, customising technologies in the process in order to fit the needs of customers. Although this has provided numerous challenges along the way, Park concludes, “The security technology at PayGate is a complex mixed cell, incorporating regulations, social norms, consumers’ buying pattern, global ecommerce market and FinTech industry. It is like a corporate body.”
The company is continuing to develop and diversify its services for consumers, based on a B2B model, with a foreign travellers’ tax refund service, currency exchange service, P2P remittance service, social financial services and infra making services for P2P lending services directly for consumers. The company’s primary focus is on online business and servers for customers, in turn developing relationships with financial institutions to create a successful platform.
Many global and local companies have successfully partnered with PayGate, but significant collaborations with traditional financial institutions have enabled the company to develop and progress in developing other businesses worldwide. Since 2014, the company has even began collaborating with Spring Airlines, which has adopted PayGate’s systems, a partnership that the company hopes will develop the business further. Park adds to this, commenting, “Partnership with local banks and financial authorities would leverage the business growth for all FinTech companies.”
PayGate has come a long way and has faced significant challenges. However, one main hurdle has been regulations for FinTech companies as a whole. Park explains, “Regulatory issues have created frustration, despite a pursuit for improvement which will provide an environment for all FinTech companies and start-up businesses to grow.” However, she adds, “We will continue to strive to succeed despite these challenges as we cannot resist being stagnant. Both the organisation and platforms are set up for the challenge.” And aware that data visualisation is essential in growing the business. In order to develop the company further, PayGate is observing consumers’ lifestyles and needs through various social and media platforms. For Park, success has been hard won. “When I look back to those days, I wonder if we have really overcome those obstacles. However, we now have a great team to work with and supportive partners around the globe.”
Client success is at the core of PayGate’s motivation to be part of the growth of the FinTech industry and provide a quality service to its partners. “There are millions of companies that are disappearing. We want to be there for hundreds of years to come, contributing, sharing, and developing ourselves and society,” explains Park. With the long-term vision of supporting employees within their own projects, PayGate wishes for Seyfert to become a globally recognised FinTech platform, Park adds, “So that more partners and customers will use it in the upcoming years.”