PayGate held the conferences for new P2P platform operators.
PayGate held "2nd form new P2P platform oprerators"
Accounced platform operation including platform structure, law and tax.
The second forum for new P2P platform operators is owned great success by PayGate
PayGate will hold a third forum for P2P platform this month and continue hosting a lot of meetings for new operators.
PayGate, Fintech company in Korea, announced on August 2nd that it held a 2nd forum for new P2P platform operators on July 25th.
Mr. Jaewoo Kim, director of P2P Strategy, introduced the overall view of the platform, including details on the platform's structure, laws and taxes and investor and borrower management systems in the forum for new P2P operators.
PayGate's Seyfert service is currently used by 80% of domestic P2P companies
Mr. Kim also explained how borrowers and investors working in P2P platform structure and how the relation connected between P2P companies and P2P-related lenders, which can help the new P2P operators a lot in their business.
In addition, PayGate provided additional information about education tax, value-added tax, corporate tax (since 2017), as well as terms and a loans that are not easily accessible for most of people.
PayGate also emphasized the importance of operating system for P2P operator's bond management to protect investors.
After the forum, PayGate held a networking for Q&A sessions among the participants and shared various opinions and contents about P2P lending industry.
Paygate achieved 40 billion KRW remittance volume per month with “Netting.”
PayGate (CEO, Ms. Soyeong Park), launching remittance service successfully with its USD netting strategy, has achieved 40 billion KRW in monthly remittances.
Netting provides foreign currency remittance service under the concept of offsetting the money to be sent and received, which makes the remittance fast and cheap as it minimizes the expenses through legal transfer instead of illegal currency exchanges.
Based on the policy of Anti-Money Laundry (AML) that proposed by FATF (Financial Action Task Force), the remittance business with competitive FDS (Fraud Detection System) function is rapidly increasing.
Since the end of 2018 until this June, PayGate has owned about 40 billion KRW transaction volume per month after launching P2P inbound remittance service. As the fund received from other countries is growing steadily, the monthly volume is expected to achieve 100 billion KRW by the end of the year.
PayGate applies USD netting structure to the cooperation with TransferWise, a global remittance company headquartered in Europe. PayGate works as a remittance partner in Korea for TransferWise while its subsidiary (PayGate Hong Kong) uses DBS Bank (Hong Kong) to process remittance business, which constructs USD netting between PayGate (Korea) and PayGate Hong Kong.
In the beginning, PayGate attempted to acquire remittance license in Luxembourg, but since the required process cost too much time, PayGate then changed its target country to Hong Kong.
After passing the investigation of remittance business, company credit, and major shareholders, PayGate Hong Kong successfully obtained MSO (Money Service Operator) license from Hong Kong Government.
PayGate has improved the service by upgrading the fraudulent detection system in the first half of this year, and the supported countries include Singapore, Nepal, China and Bangladesh.
Netting is one of the most profitable methods in remittance service, which helps PayGate structure a stable profit from the second quarter of 2019.
Ms. Soyeong Park said, "To help customers transfer their money, PayGate must focus on Anti-Money Laundry and fraudulent transactions detection. Seyfert is therefore equipped with AML and FDS functions, which makes its members maintain their business sustainable."
PayGate insists the principles of managing funds and identifying senders and recipients correctly; that is, only legal and transparent funds will be processed. The service itself can be viewed as a monitor that makes customers safe in paying, transferring, and managing transparent funds.
PayGate, founded in 1998, keeps focusing on Fintech business such as P2P lending, Payment Gateway (PG), and foreign currency remittance service, based on its Fintech platform, Seyfert.
Not only in domestic market, PayGate has been promoting the business in global market since the beginning of the business, which makes itself become a great leader in cross border payment service.
It makes a lot of contribution to the launch of global financial service such as Alipay, Wechat Pay, Japanese convenience store payments and European account transfers, especially English, Japanese and Chinese support for Korean online stores.
PayGate has been a specialist in payment settlement for 21 years, and it will focus on cross border Fintech much more in this year. In addition to cooperating with domestic financial institutions, PayGate will expand its Seyfert service to more different countries by collaboration with global financial institutions.
Wiring funds from Japan has never been easier before, now partnering with Queen bee
Republic of Korea – June 17, 2019 /MarketersMedia/ —
Paygate launches remittance service from Japan via Queen Bee Capital of Japan to Korea.
Queen Bee Capital, established in 2007, is a company that provides remittance services in Japan and is headquartered in Tokyo. In 2017, Queen Bee Capital formed a partnership with PayPal, a U.S. remittance service company, for the U.S. remittance, followed by a partnership with PayGate in March 2019.
Queen Bee Capital’s services do not require a separate exchange. If the customer makes a deposit in the local currency, Queen Bee Capital will automatically exchange and send money.
In addition, Queen Bee Capital now offers free transfer fees to more than 600,000 customers.
For PayGate’s service, the limitation on personal transmission has been limited to 1 million KRW per transfer, 3 millions KRW per day, and 30 millions KRW per year. For business remittance, the amount limit is not defined.
Instead of using traditional financial companies, an overseas remittances of less than a certain amount can be transferred by an authorized licensed company such as Queenbee.
Transfer limitation now is $3,000 per time and $30,000 per year, and in the second half of this year, it will be raised to $5,000 and $50,000 respectively. In 2016, the amount of overseas remittance market amounted about 575 billion dollars (around 646 trillion KRW, from the World Bank survey).
“Although the remittance service from Japan to Korea has been in high demand, the business of cross border payments from Japan to Korea has not been widely promoted, which brings about the collaboration between PayGate and Queen Bee to meet the demands of the remittance Industry. We plan a stable standard of international remittance service between Korea and Japan through the cooperation with Queen Bee Capital,” said Ms. Soyeong Park, CEO of PayGate.
Meanwhile, in 2017 and 2018, Japan has been actively promoting the remittance service in order to ease regulations hurdles related to remittance and nurture the service of remittance for fostering Fintech companies.