PayGate will be listed on KOSDAQ (KOrea Securities Dealers Automated Quotation), to Expand Overseas Business
Expand overseas market in line with FinTech
PayGate, the specialist in FinTech, announced on Oct 8th that it will expand its overseas business in line with the 4th Industrial Revolution and Global FinTech era.
PayGate has established overseas subsidiaries in 8 countries, starting from Tokyo Japan, the United States, Hong Kong, the UK and Luxembourg to lead the global market.
Especially, it gradually extends the strategies in Vietnam and Mongolia for Asian markets.
PayGate has established its blockchain corporation in Hanoi, Vietnam in July, which is expected to play a great role in labor costs since it is at the level of one-fourth of Korea's and with the latest language development and abundant human resources.
At the same time, PayGate is discussing with local FinTech companies and authorities in Mongolia.
In 2003, PayGate launched its FinTech platform, "Seyfert," and possessed its position in FinTech market.
Seyfert is an open banking platform that includes electronic payment functions such as deposit, withdrawal, and remittance.
It has implemented a service that proceeds various online financial transactions including overseas remittances, crowdfunding, and P2P loans.
It processed encrypted online transactions with E-wallet system based on blockchain technology with high security.
"We have prepared the excellent technology and market competitiveness for the fourth industrial revolution. We will become a global company as we are moving toward the Southeast Asian markets such as Vietnam and Cambodia," said Soyeong Park, CEO of PayGate.
Meanwhile, PayGate has applied for a preliminary public review on August 30th and it is ready to be listed as the first FinTech corporation in KOSDAQ.
PayGate is planning to launch IPO by the end of this year.
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