Friday, November 30, 2018

PayGate contructs netting system for “620 trillion, foreign currency remittance market.”

PayGate, contructs netting system for “620 trillion, foreign currency remittance market.”


PayGate announced on 27th that they have constructed the netting system for small amount foreign currency transfer with major banks in Hong Kong and Jeonbuk Bank. In 2017, there was about 14 trillion (KRW) in domestic remittance market and total about 620 trillion (KRW) in global foreign currency remittance market, and with the system, PayGate is now planning to take a great place in the field of global market.

PayGate Hong Kong, PayGate's subsidiary in Hong Kong, acquires MSO license from Hong Kong government in May for small amount foreign currency remittance, and PayGate also set up a Won-denominated account in Jeonbuk bank with the permission from Korean government. PayGate Hong Kong now plays as a network channel of foreign remittance between Hong Kong and Korea.

Netting is a legal transfer method by offsetting the money for sending out and receiving. There are various methods being applied in global foreign currency market to reduce the cost of remittance such as virtual currency, pooling, and free pooling. Netting is one of the most efficient ways to make a fast remittance and also minimize the cost, and many of the global foreign currency remittance companies are endeavoring to develop a more efficient remittance network such as netting to help them expand the business.

An officer from PayGate said, "Our technology of foreign exchange remittance has got much attention since we established a remittance system with banks in Hong Kong as a financial center in Asia. We will continue expanding our network with overseas partners for global remittance infrastructure."

PayGate will complete the identity verification, anti-money laundering system, and API interlock for the Korean Won transfer service with Jeonbuk Bank, and the service is planned to be launched at the end of November.


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Wednesday, November 28, 2018

세이퍼트 포럼 비전 2019!

세이퍼트 포럼 비전 2019!

안녕하세요 페이게이트 입니다!!
다가오는 12월 4일에 세이퍼트 포럼 비전 2019가 열립니다!!
핀테크 산업의 미래를 이끌어갈 세이퍼트의 2019 비전 선포! 많은 참여부탁드립니다. 참여신청은 온오프믹스에서 신청해주세요.







▼ 온오프믹스로 참가 신청하기 ▼




▶ 2018년 12월 4일 오후 3시
▶ 롯데월드타워 스카이 31 오디토리움 컨벤션홀
▶ 세이퍼트 포럼 비전 2019

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Friday, November 23, 2018

GS Neotek completed a successful migration for PayGate AWS

GS Neotek completed a successful migration for PayGate AWS

GS Neotek, a cloud expert, announced on 19th that they have done a successful migration for PayGate, a FinTech leading company.

The migration was moving from the existing AWS infrastructure in Tokyo to Korea for PayGate's Fintech platform, "Seyfert," located in Seoul as a specialized center, to provide an optimal service.
"After the migration, we are able to provide a more stable and faster service. We successfully perform the service through only three inspections in every two hours, and we are satisfied with the cost and effectiveness," said an official from PayGate.

For most of the Fintech companies such as PayGate are critical to the process during infrastructure downtime (time when the system is unavailable) because of a 24-hour service request.

GS Neotek designs the infrastructure for security and risk purpose base on client's business vision and strategy instead of simply transferring data itself. Besides, any error or problem are thoroughly checked through a previous pilot test.

To consider the connectivity between service and IT infrastructure in PayGate and to maximize the efficiency, the server architecture consulting is also carried out at the same time. As a result, it has improved more than 30% for its current server operation load.

An suil, a general manager from GS Neotek, said, "For most of the financial client cases, it's difficult to work with an independent closed network. However, with sufficient communication and suitable business plan with clients, we can successfully complete the migration."


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Monday, November 5, 2018

PayGate Signed a Business Agreement with “Table With Life.”

Now Technology of Big Data and O2O Platform Service Development

PayGate, a FinTech corporation, announced on 1st that they have signed a memorandum of understanding (MOU) with Table With Life, Curriculation Pure Food Mall.

Through the cooperation, PayGate will provide a safe payment and settlement platform for Table With Life and develop new technology of online and offline blockchain service for sharing fresh food with Table With Life's customers. The two companies will work together to share the information of big customer database.

PayGate started its FinTech market since the release of FinTech platform, "Seyfert," in 2003.

Seyfert is an open banking platform that supports collection, withdrawal, and remittance with existed electronic payment system. It provides various services for online financial transactions such as crowdfunding, P2P lending, and overseas remittance. It works with high security demands to proceed encrypted online transactions with Blockchain-based electronic control system.

Table With Life is an IT-based food curation company that sells only high-quality products at reasonable prices by directly managing contracts with producers instead of vendors.

Based on Smart Fresh Logistics System in 2014, Table With Life started to develop brands such as Greening (Premium Carrier Vegetable Brand) and Blue Baskets (High Quality Marine Products Brand). Table With Life developed value-oriented and content-curing technology and applied them into multiple services. It leads the development, planning, and distribution of the Smile Farming Campaign and new agricultural products, and it makes great effort to maintain the soundness of the agricultural purchasing environment in the E-commerce market.

"We will support fresh food distribution by O2O platform for Table With Life and develop new technology that is applicable to various platforms. I look forward to the synergy of big data and blockchain development," said Soyeong Park, CEO of PayGate.

Mr. Jaehoon Kim, CEO of Table With Life, said, "We are trying to improve customer satisfaction through content curation based on IT technology. Through the cooperation with FinTech expert, PayGate, we can provide a platform with safer shopping environment for our customers."

Meanwhile, PayGate has applied for a preliminary public review in August and has been ready to be listed on KOSDAQ as the first FinTech company. Table With Life has attracted 3 billion Won investment from core asset management in September. It plans to expand its premium food market by opening its first HACCP packaging center for the first Ikchamus seafood products by the end of this year and offline brand stores in Seoul next year.


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Thursday, November 1, 2018

PayGate Blockchain Fintech Platform, "Seyfert," Launched in Vietnam

PayGate Blockchain Fintech Platform, "Seyfert," Launched in Vietnam

Applied Seyfert to the related industries in Vietnam


PayGate, with its blockchain Fintech platform, "Seyfert," expands the business in Vietnam now.

PayGate presented on 31st in Vietnam Hanoi Pullman Hotel about Seyfert platform and Seyfert Use Case for Vietnam Fintech related corporations and representatives.

Many P2P lending corporations and cross border (international direct payment) E-commerce merchants in Korea are using Seyfert platform and Seyfert Case Use.

PayGate, with its headquarter in Korea, established the subsidiary, PayGate Vietnam, in Hanoi and has been focusing on the research of Blockchain since 2018.

Mr. Dong San Lee, CTO of PayGate, said, "Seyfert is a Fintech platform that can be applied in various types of API to meet the needs for IT corporations."

As a co-founder of PayGate and with the background in the security field, Mr. Lee has been focusing on research and development (R&D) of IT technology for an easier funds management business since 1998.

Also, Mr. Lee now participates in EOS as a Korean representative of block producer(BP).

PayGate is going to apply Seyfert to diverse services in the future such as settlement, remittance, deposit, currency exchange, and so on.

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