The growth of PayGate
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.”