Leading provider for cross platform
payment services
Leading provider for cross platform
payment services Written by Catherine Rowell Produced by Mariana Lee
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PAY G AT E
Established in 1998, PayGate has become a frontrunner within Korean financial technology (FinTech), providing first-class services to clients worldwide. Founded by CEO Soyeong Park, Chairperson for World FinTech Association and Chief Technology Officer Lee Dong San, a computer engineer by background, the duo desired to add value within the financial market by undertaking something that had never been seen before within the industry.
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ayGate is a global leading cross-border online payment platform provider, based in Seoul, South Korea. Founded in 1998, PayGate serves around 3000 merchants, with more than 100 institutional partners worldwide, enabling payment, e-commerce and remittance services across the regions. PayGate guarantees secure online payment processing for international credit cards and other types of payments through advanced, secure, reliable and cost effective payment platform called Seyfert. With its unique and individual online
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payment processing technologies for minimising fraud and chargeback risk with cost efficiency, the state of art banking compliance platform offers an array of secure payment solutions for businesses. Since its inception, PayGate now operates in Japan, Hong Kong, Singapore, the USA, Australia, the UK and Luxembourg, with its 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
CEO Soyeong Park
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“‘Credibility’ is the key value in finance, and we must protect our customers’ information perfectly” – CEO Soyeong Park
Compliance As a Service ControlCase, LLC is a United States based company with headquarters in Fairfax, Virginia and PCI center of excellence in Mumbai, India. ControlCase focuses on compliance services and solutions related to regulations such as PCI, ISO27001, Sarbanes Oxley, GLBA and J-Sox globally. We are a certified ASV vendor and a PCI DSS QSA and provide PA DSS and P2PE certifications. We are certifying body for ISO 27001, SSAE 16 and also assessors for HITRUST. sdadlani@controlcase.com www.controlcase.com +91 22 66471800
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transformed into a financial service provider, creating an innovative IT platform which has enabled it 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 platforms for all types of startups, FinTech companies like P2P lending, and 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 costeffective 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 their services. With the rise of mobile apps and other digital technologies, the company’s financial systems are unique with regards to security technology.
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PAY G AT E
1001-5000 Number of employees at PayGate
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 patterns, 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
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Lee Dong San - CTO
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“We want to be there for hundreds of years to come, contributing, sharing and developing ourselves and society” – CEO Soyeong Park
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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
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PAY G AT E
organisation and platforms are set up for the challenge”, 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.”
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PayGate [138-148] 2nd Floor Seokchonhosu-Ro 258 Songpa-Gu, Seoul, Korea. Tel +82.2.2140.2700 Fax +82.2.2140.2701 Email support@paygate.net www.paygate.net