Fintech Based on Cloud

South Korea’s financial industry saw the birth of its first platform as a service (PaaS) cloud service.
South Korea’s financial industry saw the birth of its first platform as a service (PaaS) cloud service.

 

The local financial industry saw the birth of its first platform as a service (PaaS) cloud service. This means that it is now possible for start-ups and companies in the financial industry to build a development environment by clicking mice only during the process to realize the software as a service (SaaS) cloud service such as fintech. The current PaaS environment has different development environments and poor capability among companies, compelling SaaS developers to develop additional SaaS services. But as more than six programming languages and cloud infrastructure are supported in an integrated way, it is expected that the support will enhance developers’ work efficiency.   

“An open cloud platform, PaaS-TA developed through the government’s R&D support will be reborn into a new service named ‘K Pass-TA’ and put into a pilot operation by Koscom from September 9,” said an official at the Ministry of Science, ICT and Future Planning.

That is to say, Koscom, an IT-specialized company in the IT sector developed the PaaS-TA Service by applying Paas-TA to various types of IT infrastructure to the financial industry where the company has accumulated know-how for a long time. Koscom is planning to offer the K Paas-TA free of charge during its tentative service for the next one year. When a service upgrade is completed, the K Paas-TA will be distributed to colleges and companies for free. 

Earlier, the Ministry of Science, ICT, & Future Planning and the National Information Society Agency (NIA) unveiled the PasS-TA which they developed with five Korean SW developers such as Hangeul and Computer and Cloud4U in April. This is an open cloud platform (PaaS) developed to befit Korean situations based on Cloud Foundry, an international open source platform. This means that they built a Korean type PaaS which does not belong to certain infrastructure while global IT players such as Microsoft and Google were creating cloud development ecosystems with their platforms at the center. 

In particular, one of the strengths of the PaaS-TA is that as all source codes of the PaaS-TA are open software, everyone can easily approach it and make good use of its cloud service development environment.  

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