[CEO Interview] Ms. Soyeong Park, CEO of PayGate, announced Anti-Phishing for Seyfert Platform launched next year.

[CEO Interview] Ms. Soyeong Park, CEO of PayGate, announced Anti-Phishing for Seyfert Platform launched next year.

PayGate is a Fintech platform provider of electronic payment service, founded in 1998. The main service, “Seyfert,” works for international market and leads PayGate growing fast.

The core business plan for next year will be the release of Seyfert platform in season 2, which will feature more advanced functions such as hacking, anti-phishing, anti-money laundering systems (temporarily named as phishing blocks), and identity verification.

Ms. Soyeong Park, CEO of PayGate, said, “Seyfert is based on blockchain that is much applied to global financial accounts and it is a web standard Fintech platform. Users can do funds transfer, withdraws, money transfer, settlement, exchange money, and escrow without any additional plug-in device.

In addition, Seyfert also supports various online banking transactions such as crowdfunding and P2P lending. Next year, Seyfert, encrypted in the form of blockchain-based electronic wallet system, is expected to detect illegal or abnormal transaction through deep learning and big data analysis system by utilizing the strength of phishing block service.

Phishing block services is considered as an important foundation for a greater growth in the future. The principle of phishing block service is to verify transactions comprehensively with transactions type, time, amount, frequency, origin and destination of funds, historical transaction, blacklist, and terrorist financing list, etc. It can detect suspicious transactions and block them in real time.

Park said, “The detection of suspicious transactions becomes very important when providing the service of Fintech platform for various types of IT companies. Especially, the case of text phishing that hit Korea in October proves the worth of detection, and we can block the criminals of voice phishing against other financial institutions dramatically.”

She further mentioned, “The detection of phishing block prevents criminals from withdrawing by strict monitoring through specialist and automatic system to keep funds safe in Seyfert. So, I even plan to launch a separate detection service for Anti-money laundering and fraudulent transactions.”

Park said that PayGate will devote much more to the internal control capability for financial services.

“We help many online shopping malls in Korea to sell overseas by providing cross-border payment service and cooperate with global Fintech companies such as Alibaba, Tencent, Softbank, Apple, Symantec, TransferWise, and PayPal to make funds flow smoothly. PayGate organizes its internal controls and compliance requirements consistent with other financial institution.”

“We also held annual training for employees such as anti-money laundering and personal information protection. We keep updating the program for over 20 years to catch up the trend," said Park.

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