As the global payments industry continues to steadily expand, the Asian regional market is claiming an ever-bigger piece of the pie. In April 2023, market research firm Statista published its updated Asian market insights report.
Statista predicted that the Asian digital payments market will reach a total transaction value of US$4.87 trillion in 2023. This figure represents an annual growth rate (or CAGR from 2023 to 2027) of 9.30 percent. These figures are reflective of the aggregate Asian regional market.
For perspective, digital commerce represents the biggest share of this wide-ranging marketplace. Many customers now prefer digital payments over traditional payment methods. In-person shoppers dip, swipe, or tap their cards in retail stores, restaurants, and with mobile vendors’ card readers. ECommerce customers type in their card numbers before finalizing their transactions at checkout.
Historically, the Asian digital marketplace has been fragmented at best. Each country developed a proprietary transaction processing system applicable to all digital commerce within its borders. However, there was no single region-wide payment services provider to settle merchants’ transactions and disburse their sales proceeds.
PortOne Global Brings Transaction Settlements into the 21st Century
South Korea- and Singapore-based PortOne Global recently identified this void and devised a solution. Launched in 2020, this payment orchestrator is the brainchild of South Korean entrepreneur Daniel Shin. Today, he serves as PortOne Global’s founder and Chief Executive Officer (or CEO).
PortOne Global currently has bases in South Korea and Singapore. With roughly $9 billion annual total payments volume (or TPV), PortOne Global is one of South Korea’s top 10 B2B fintech businesses. Over 2,500 merchants make up the company’s growing customer base.
Daniel Shin’s forward-thinking company has set its sights on a notable goal: To be the Asian market’s premier payments technology firm. To accomplish this objective, PortOne Global is collaborating with the globe’s leading technology companies to craft a landmark fintech ecosystem.
PortOne Global Debuts Its Platform Settlement Service
In 2023, Daniel Shin recognized the need for large-scale management of Asian partner settlements. He channeled his problem-solving expertise into PortOne Global’s Platform Settlement solution. This innovative offering saves merchants valuable time and money, as they don’t have to design their own proprietary settlement framework.
Instead, each merchant simply sends their Partner ID and Payment ID to the PortOne API interface. The company’s efficient Platform Settlement system handles each merchant’s transaction settlements from there. Here are three features of the PortOne Global Platform Settlement feature:
- One-screen Management of Settlement Cycle Data, Fee Rate, and Other Manually Managed Contract Details
- Detailed Settlement and Batch Payout Data
- Large-scale Payout with One Click
PortOne Global’s Platform Settlement Joins the Firm’s Robust Services Menu
The new PortOne Global platform settlement feature is the firm’s latest service offering. Merchants throughout Southeast Asia currently enjoy wide-ranging digital payment services.
These capabilities allow merchants to seamlessly sync with card and mobile payments providers. A single approved application enables merchants to use credit and debit cards, e-wallets, virtual accounts, and account transfers.
Standard services include one-stop payment data reconciliation and an integrated payment API. Merchants can also manage their payment services providers, payment methods, sales transactions, and settlements on one platform.
Merchants Enjoy Value-Added Applications
Because merchants have diverse needs, PortOne Global also offers customizable checkout and payout capabilities. Cross-border payment services ensure smooth international transactions without requiring merchants to develop their own payment frameworks.
PortOne Global’s collaborative agreements with top payment services providers enable merchants to quickly establish beneficial relationships. Integration with top global payment providers, such as PayPal and Paymentwall, enables merchants to serve a growing international customer base.
PortOne Global also offers personalized consulting for every business need. Whether merchants want to optimize their local business capabilities or want details on global payment services providers, PortOne Global is ready to assist.
Merchants can access the PortOne Global service app through Shopify in Southeast Asia. The App Store and Google platforms also feature the PortOne Global app. The company offers support on desktop, mobile, and online platforms.
PortOne Global In-Development Services
Daniel Shin’s PortOne Global development team has multiple services on its radar. The company plans to launch these four offerings in the near future:
- Automatic Payout Function
- Foreign Exchange Transfers
- Automatic Tax Invoices for Partner and Platform
- Partner Console for Monitoring Order, Settlement, and Payout Details
Innovative Analytics Capabilities Will Bring Data-driven Decision Making
Companies in multiple industries have adopted the data-driven decision-making methodology. Daniel Shin’s PortOne Global is currently preparing to add data analytics and real-time monitoring to its payment orchestration services. Projected applications include:
- Data-driven Promotional Launches
- Identification of Customers’ Preferred Functionalities
- Analysis of Suboptimal Conversion Rates
- Payment Settlement Overview Optimizations
- Evaluation of Operations and/or Technical Issues
- Exploration of Enhanced Operational Efficiencies
- Real-time Payment Service Outage Monitoring
PortOne Global continues to bring large-scale innovation to the Asian market. In 2023, founder and CEO Daniel Shin is preparing to add more services to the firm’s payment orchestration platform. He welcomes regional merchants who desire to bring their offerings to a bigger marketplace.
About Daniel Shin
South Korean serial entrepreneur Daniel Shin is PortOne Global’s founder and Chief Executive Officer. Established in 2020, this thriving payment orchestrator attracts global companies wishing to do business in the Asian marketplace.
PortOne Global brings together Daniel Shin’s technological expertise and business leadership skills. He acquired these desirable attributes through his business-focused education and previous successful companies.
A Well-rounded Business Education
Although Daniel Shin was born in South Korea, he spent much of his childhood and young adult years in the United States. He attended the Wharton School at the University of Pennsylvania, earning a B.S. in Economics in 2008.
Next, Daniel Shin served as a business analyst at McKinsey & Company. Although an entry-level assignment, his work at this respected global management consulting firm provided valuable business world exposure.
Three Prosperous South Korean Companies
In 2010, Daniel Shin made the decision to return to South Korea. Equipped with valuable business skills and an entrepreneurial spirit, he launched a series of businesses that remain successful today.
In 2010, Daniel Shin established Ticket Monster (or TMON). This diversified company is South Korea’s second-biggest mobile commerce business. TMON’s “daily deals” are offered by more than 15,000 merchants. TMON’s customers are largely mobile-based, as over 80 percent of the platform’s transactions occur on mobile devices.
In 2012, Daniel Shin co-founded Fast Track Asia, an innovative South Korean business incubator. To date, the firm has launched five growing businesses. Although some companies have already been sold, others have benefited from investment dollars.
In 2020, Daniel Shin brought PortOne Global online. The company’s continued growth, and its recent Platform Settlement launch, have set the stage for expansion to the international business marketplace.