ForEx Power
PayGate, a global leading payment services provider, announced that it has been approved by the Ministry of Strategy and Finance as foreign exchange institution on July 17.
Based on 17 years of business experience providing cross-border payment and remittance services, the company will more actively target the global remittance market.
According to a report from the World Bank, the overseas remittance market between individuals around the globe has been steadily growing, and will continue to grow further in the foreseeable future. With the expansion of the global remittance market, the mobile remittance service market, which enables consumers to transfer money easily and quickly through mobile networks, is also rapidly growing at home and abroad. The growth of communication technology and the globalization of mobile communication networks like smartphones is also a contributing factor.
In the report by the World Bank in 2013, it said that the global remittance market is worth US$542 billion (620 trillion won), and the market is currently dramatically growing as well.
Founded in 1998 as a cross-border payment company, PayGate has 17 years of diverse experience in the fintech business sector, including global credit card payment and global remittance services. The company has recently expanded the business areas to share its own Seyfert banking platform with fintech companies, and is drawing keen attention from businesses in the various sectors, including peer-to-peer (P2P) lending and crowdfunding companies, and Bitcoin Exchange.