LianLianPay, a Chinese payment transfer specialized company, will partner with PayGate’s platform Seyfert to execute remittance services between Korea and China
– PayGate signed a payment service agreement with LianLianPay in China
LianLianPay, the remittance company based in Hangzhou, and PayGate have signed an official agreement for the payment service between Korea and China.
According to Yongan Ryu, the CEO of LianLianPay, the partnership is based on the credibility of PayGate that offers Blockchain based financial platform (Seyfert) and has 19 years of experience in payment. Paygate has experience in remittance industry with a stable financial status and expect its platform Seyfert will generate sufficient synergy in the future by entering the Chinese market.
LianLianPay is China’s leading payment service provider and the sole Chinese partner of PayPal, which is responsible for transferring funds from overseas to recipients in China. The Chinese Government recently required Chinese foreign money transfer services to establish a partnership with banks to provide remittance services, so LianLianPay has made a partnership with Shanghai Bank, which also has signed a contract with PayGate as well.
Meanwhile, PayGate has successfully responded to compliance regulation in response to Regulatory requirements in China. It has sound Due-diligence check in every aspect of the participant in the financial transaction and has received feedback from KYC (Know Your Customer), Compliance Officer and Employee Anti-Money Laundering Education.
PayGate is now preparing remittance services for all foreigners in Korea to make safe, cheap, and fast transfer. Based on its Global Fintech platform ‘Seyfert’, it is also preparing for remittance services in the U.S., Hong Kong, Australia, Singapore, India, Indonesia, Malaysia, and Cambodia.