As the founder and Co-CEO of PortOne Global, Daniel Shin has enjoyed playing a prominent role in the growth of Asia’s payment orchestrating industry. Having risen to the occasion after cutting his teeth on the founding of Ticket Monster, Shin would become one of the most important figures in his section of the tech and entrepreneurial world.
An angel investor with a focus on helping other businesses to strive for success, Shin sat down with the Business Review to explore some of the concepts that have induced such explosive growth at PortOne Global.
What Is PortOne Global?
PortOne Global has emerged out of Asia as one of the preeminent payment service providers in the industry. The focus of the company from Day 1 has been on furnishing businesses with powerful infrastructure to support their operations through reliable processing. At the time of this writing, PortOne Global currently operates on behalf of 2,500+ merchants in Asia.
With the broadest set of payment options available in Asia, PortOne Global helps individuals to integrate, reconcile, and analyze data via a single platform and API. Along the way, basement-low overhead costs keep businesses out of financial trouble.
Shin said of his decision to create POrtOne, “The Asian payment landscape is extremely fragmented and I found it very difficult to manage a team of engineers to integrate all of the payment options.”
Shin went on to add, “PortOne solves this problem by serving as a single API to connect all payments in Asia.”
With the adoption of PortOne Global, Shin hopes that businesses can enjoy transactional reliability, streamlined sales, and higher conversion rates, all while encouraging repeat sales.
Rapid Growth and Explosive Ideas
The COVID-19 pandemic spurred change in the way that shoppers approach their habits. PortOne first began in Korea but it has been spreading aggressively in recent years. Shin went on to say, “While the new markets are less developed from a digital landscape than Korea, it is exciting to see the growth in the early stages.”
The goal at PortOne has been to help incentivize shoppers through normalizing payment processing consistency. Shin says, “As an e-commerce business, you never want to lose out on potential customers. A key to improving conversion is to provide a payment method of the customer’s choosing.”
Changing the industry paradigm through technological advances, Shin went on to say, “The problem previously was that providing more payment options came at the expense of engineering burden.”
Shin stated simply, “With PortOne, eCommerce business can leverage 100+ options without any more engineering work than connecting to 1 payment option.”