Daniel Shin is the co-CEO and founder of PortOne Global, one of the largest and most innovative digital commerce partners in all of Asia. Founded to provide the region with a leading e-commerce solution for all payment processing options, Daniel Shin has increasingly found himself thrust into the public spotlight for his company’s effective results.
Shin recently went to an interview with the team at the Business Review to touch on the different impacts that COVID-19 had on his industry while highlighting what has allowed PortOne to flourish along the way.
Let’s dive into the world of PortOne Global and explore what makes their team tick.
A Booming Industry
First and foremost, Daniel Shin acknowledges and understands that his business is at the center of a booming industry. The Business Research Company compiled data that revealed an increase in the global payments marketplace from $561 billion in 2022 to more than $612 billion in 2023. This explosive growth shows a CAGR of more than 8.5%.
Daniel Shin noted that this explosive industry growth is largely tied to certain trends, driven in large part by the COVID-19 pandemic.
These trends include
- Biometric Technology – The increased reliability and affordability of biometric technology have impacted the payment processing industry in a big way. Authentication methods include facial recognition, fingerprint scanning, and even iris recognition.
- Workflow Automation – Utilizing artificial intelligence, Shin points out that the payment processing sector is going to benefit from workflow and data automation. Shin says, “At the core of the payment industry is data. Leading payment services help merchants automate tasks that were previously done manually.”
- Value-Added Services – Finally, Shin suggests that growth is continually being driven by companies looking for value-added services. Shin says, “As more technology emerges like ours to give merchants more choices, it will force payment providers to lower their margins and increase their payment stability.”
PortOne Global is a Major Market Player in Asia
Daniel Shin founded PortOne Global in 2020 to help facilitate the integration of payment options throughout a relatively fragmented marketplace. While developing his e-commerce company, he learned of the lack of infrastructure that the Asian marketplace had been dealing with.
Shin went on to say, “PortOne solves this problem by serving as a single API to connect all payments in Asia.”
The work at PortOne Global has been successful so far, at least in Shin’s eyes. Shin said in his interview, “While the new markets are less developed from a digital landscape than Korea, it is exciting to see the growth in the early stages of the market development.”
Daniel Shin went on to say of his business, “PortOne was founded based on my experience of running an eCommerce company at TMON.”