Banking Circle S.A. (‘Banking Circle’) today announced that it has onboarded PayGate, one of South Korea’s first-generation fintech companies and a leading Payment Service Provider (PSP). This collaboration will contribute to streamlining cross-border payments between South Korean and global markets. PayGate plays a key role in the Korean payments ecosystem by enabling KRW collection and disbursement for global PSPs, while also serving over 3,000 Korean merchants.
As the Korean Won (KRW) remains a restricted currency, PSPs face significant challenges in managing cross-border payment flows to and from South Korea, including limited offshore settlement capabilities, fragmented treasury operations, and high operational costs. For Korean merchants operating or expanding globally, this often results in slower settlement timelines, limited collection and payout options, and inefficient cash flow management across multiple markets.
Through this collaboration, Banking Circle will act as PayGate’s global treasury partner, optimising global settlement flows and delivering integrated foreign exchange (FX) capabilities on a single platform. PayGate will also leverage Banking Circle’s virtual accounts and gain access to major payment rails including USD, EUR, and GBP – enhancing reconciliation, improving efficiency, and reducing treasury costs.
PayGate is the first Korean PSP to partner with Banking Circle, marking a significant milestone in extending Banking Circle’s global financial infrastructure into the Korean market.
“Partnering with Banking Circle is a significant step in simplifying how we manage cross-border transactions between South Korea and overseas,” said Park So Yeong, CEO at PayGate. “By leveraging Banking Circle’s platform, we can improve our global treasury management capabilities and strengthen our payment offerings.”
“South Korea is a highly sophisticated payments market, but KRW restrictions add complexity in cross-border flows,” said Mishal Ruparel, Chief Commercial Officer at Banking Circle. “Bringing PayGate onto our platform is the first step to establishing our presence in Korea and building the foundation for a more connected payments ecosystem – one that enables PSPs and merchants to operate seamlessly across borders.”
Looking ahead, PayGate plans to build on this collaboration by leveraging Banking Circle’s global collection capabilities and virtual accounts to offer enhanced global collection services to Korean merchants, supporting their international growth ambitions.
For media queries, please contact:
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Banking Circle Gaya Ananda |
PayGate Bumho Song |
About Banking Circle S.A.
As a fully licensed bank, Banking Circle S.A. combines pioneering technology and the established central bank clearing system to provide ultra high-speed access to global, multi-currency instant payment schemes. Banking Circle S.A. enables payments companies and banks of any scale to seize opportunities in the new economy – quickly, at low cost. Through bespoke, flexible, scalable, and future-proof solutions, Banking Circle S.A. is enabling financial institutions to help their customers transact across borders in innovative ways.
About PayGate
Established in 1999, PayGate is one of the main players in South Korea’s cross-border payments market and a first-generation Korean fintech company. As a fully licensed payment and foreign exchange provider in South Korea, PayGate supports merchants, marketplaces, and global Payment Service Providers (PSPs) in navigating the structural and regulatory complexities of cross-border payments. PayGate works closely with leading banks and global financial institutions to deliver secure, scalable, and compliant payment infrastructure, playing a critical role in connecting Korea’s payments ecosystem with global markets.
