We are living in an increasingly digitized world, driven more by the convenience and ease of access that computers can provide. With more of our lives driven through digital operations, individuals like Daniel Shin, the Co-CEO and founder of PortOne, are becoming increasingly scrutinized for the advancements they are bringing to the fold.
Daniel Shin is the co-CEO and founder of PortOne, a payment orchestration company in Asia that seeks to empower digital commerce partners throughout the country as they machinate actual growth. Previously recognized by the publication “Wharton Magazine,” Daniel Shin has built a career on providing innovative tech solutions alongside his work as an active angel investor.
Let’s dive into the world of e-commerce payments and financial transactions to better understand what Daniel Shin is providing.
Engineering Growth in a Growth-Focused Industry
According to research compiled by the Business Research Company, most industry experts expect the global payments marketplace to surpass the $612 billion mark by 2023 for a compounded annual growth rate of 8.9%. The Asia-Pacific region sat firmly atop the list of top places for rapid expansion, with the Western European sector sitting alongside it.
Daniel Shin of PortOne can stay competitive in such an innovation-driven industry by embracing the areas that are actively changing the world. Shin took time to outline a few areas where innovation is fueling growth in an industry primed to explode.
- Embracing Biometric Technology – Sophisticated technology is changing the way we authenticate payments. Daniel Shin points to biometric authentication as a valid payment option to facilitate secure, accurate, and otherwise effective payments.
- Data and Automation Workflow – The payment industry is geared to benefit from artificial intelligence in much the same way as the rest of the tech sector. Shin points out that much of his work involves data. Shin says, “Reconciling payment data to automatic tax reporting to managing supplier payouts – a lot of this is getting automated.”
- Major Competitive Industry – Finally, competition in the industry spurred on by the interconnected nature of digitization has allowed for more innovation to flourish. Shin continues to predict that more merchant choices will appear on the market. 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.”
Explosive Growth of PortOne Global
As the Asian market continues to grow around places like South Korea and Singapore, Daniel Shin is firmly focused on expanding operations at home. Shin points out that PortOne Global currently operates across the table from 2,500 merchants in the Asian market with a customer base that is rapidly expanding.
Shin suggests that their focus on value-added applications, including cross-border payments and customizable checkouts, has allowed them to succeed where others have slowed down.
Focusing on an interconnected business, Shin went on to say, “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.”