Paypal cooperates with PayGate for KRW remittance service in Korea.

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Paypal cooperates with PayGate for KRW remittance service in Korea.

The recent remittances of foreign currency by fintech companies and mobile pay companies has made it easier to transfer Korean won from overseas to Korea.

According to data from the World Bank, the world's remittance market in 2018 amounts to about $ 699.8 billion, with 1.4 million Koreans living in the United States alone.
Accordingly, PayPal is cooperating with domestic companies such as Shinhan Bank and PayGate based on the growth potential of the domestic small foreign currency remittance market.

Paypal is planning to expand its service through remittance, bill payments and recharge in Paypal accounts worldwide and has been expanding its service to 132 countries after acquiring Xoom.com to further strengthen its remittance business.

As Korea's representative for PayPal's remittance platform Zoom, PayGate uses the Seyfert paltform to transfer the charged funds to individual recipients, and the transfer takes no more than two minutes.

PayGate obtained license for recurring transactions and transfer transactions from the Ministry of Economic and Finance, and PayGate Hong Kong received remittance licenses from the Hong Kong government.

The bank has also opened an account for remittance providers through KYC (Enhanced Customer Identification) and EDD (Enhanced Customer Identification) procedures at Hong Kong DBS Bank.

The company has been working as a full-fledged global remittance provider since the second half of 2018, forming a perfect netting structure between PayGate Korea headquarters and its Hong Kong subsidiary.

"We wanted a more convenient and economical way for overseas Koreans to remit money to their families in their hometowns, and we are happy to start a remittance service with Paypal and offer Xoom, an innovative international remittance service for Koreans living in different countries around the world," said Lee Dong-san, a General Manager at PayGate.  

PayGate, meanwhile, said, “PayGate plans to invest more globally in the Seyfert platform over the next five years, following the preparation and investment of the past five years to meet the technological level of global remittance companies.”


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