페이게이트, "세이퍼트, 글로벌 핀테크플랫폼 되겠다"

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PayGate, “Seyfert, Global FinTech Platform”


Soyeong Park, CEO of PayGate, stands beside Seoul Bike. Photo provided by PayGate.

“Credit Karma (USA), Mint (USA), NerdWallet (USA), Yodlee (USA), 融360 (China), Money Foward (Japan), PayGate (Korea).” What they have in common is that they all serve as an alternative financial institution in FinTech industry for a non-banking future.

Soyeong Park, CEO of PayGate, said, “Seyfert, as a FinTech Open Platform, helps PayGate growing fast. It integrates various financial services with API (Application Programming Interface), making the services easier and safer. It is constructed by advanced IT technology. Some people think that it only provides the service of bank virtual account, but in fact, virtual account only takes a few part in Seyfert service.”

Park came up with the idea of “Seyfert” around the year of 2000 because she found that many mistakes happened when requesting for funds distribution, and she thought that automation could be the solution to lower the risk of mistakes. “Seyfert” is a patent banking system of PayGate that can work without manpower. Park decided to implement a financial service for both PayGate and its clients, and it took about over 3 years for development. IBK Bank (Industrial Bank Of Korea) was the first partner of the service.

During 15 years, the growth of Seyfert has reflected on the number of users and the annual turnover which increases to trillions Korean won. The result is contributed by hundreds of engineers and various financial companies working together for the implementation of banking functions, and especially, R&D (Research and Development) plays an important role in interface safety and security.

“Seyfert” is now transformed into a Block-Chain-based platform. Park said, “In addition to KRW, USD, JPY, and EUR, we are going to proceed virtual currency. We can exchange money between different currencies and connect it into an accounting system. Also, we are preparing for AI (Artificial intelligence) to strengthen the functions of monitoring such as detecting suspicious transactions and anti-money laundering.

Globalization is the target of “Seyfert” as it is being applied in various fields of business now. It has contributed to global adoption of Ball-jointed doll for 20 years as well as Korean cosmetics and software. It also supports tuition payment, settlement payment for small enterprise, and fund-raising event or conference. The service of Seoul Bike is based on Seyfert as well.

Park said, “Not only in Korea, Seyfert will be applied in Europe, USA, Hong Kong, Japan, and China as well. We are partnering with global partners and clients indirectly or directly in the future.”


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