S. Korean IT Giant Kakao Awards US$4M Contract To Future Data Group’s Korean Subsidiary

Kakao’s new Internet data center aims to provide network services for Kakao Pay, Kakao Game, and Kakao Talk, among others

Future Data Group Limited, a technology services company listed on the Hong Kong Stock Exchange, announced yesterday that its wholly-owned subsidiary Global Telecom Co. Ltd. has won a contract to build a new cloud solution for Kakao Corporation, South Korea’s largest mobile messaging app operator, for US$4 million (HK$31.2 million).

The South Korean IT giant has ventured into the virtual banking business after obtaining a license from the government, and was looking for a solution that provides stable connection and the lowest possible delay for its virtual banking applications over the Internet.

Kakao’s new Internet data center (IDC) aims to provide network services for Kakao Pay, Kakao Game, and Kakao Talk amongst others with stable services, and lowest possible delay in case of Internet traffic congestion due to increases in the number of consumers.

The company is focusing on maximizing the utilization of virtualization infrastructure such as OpenStack and Kubernetes (K8s), the report says.

“Kakao has been a long-term Customer of the Group,” said David Lee, CEO of Future Data Group. “In the past, we have helped build network infrastructure for Kakao’s mobile messaging app, and extended our relationship to support Kakao’s virtual banking.”

Less than a month ago, Kakao’s AI subsidiary had signed a memorandum of understanding with South Korea’s Central Bank, to deploy technology in the Central Bank’s business and policy making.

The Internet giant’s stock prices have soared by almost 84% since January, and almost 35% this month, according to a report by Pulse News. The report states that Kakao recorded sales worth 3 trillion won in 2019, and has a market capitalization of over US$25 billion. Last month, the company also began to venture into esports through a new partnership with Korean professional gaming team DRX.

According to a report by Business Korea, Kakao overtook Hyundai Motor Co., and came 8th in market cap rankings. The report further estimates Kakao’s operating profits to increase by 102.37% this year, despite the global pandemic and its impact on the global economies.

Header image courtesy of Kakao Corporation

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Step Into Tomorrow: Explore the Wonders of InnoEX 2024 in Hong Kong

In the bustling city of Hong Kong, where over seven million people reside, the call for smarter, more livable cities is louder than ever. This April, the Hong Kong Trade Development Council (HKTDC) steps up to answer that call with the InnoEX and the landmark 20th edition of the HKTDC Hong Kong Electronics Fair (Spring Edition) (EFSE). Backed by the visionary efforts of the HKSAR Government Innovation, Technology and Industry Bureau and the HKTDC, these tech expos are set to feature the latest and greatest innovation from over 3000 exhibitors from more than 20 nations and regions. 

Cloud Software Group and Microsoft Forge Strategic Cloud and AI Partnership

Cloud Software Group Inc. and Microsoft Corp. have announced an expansion of their long-standing collaboration through an eight-year strategic partnership. This partnership aims to strengthen the go-to-market collaboration for the Citrix virtual application and desktop platform and facilitate the development of new cloud and AI solutions. As part of the agreement, Cloud Software Group will commit US$1.65 billion to Microsoft’s cloud services and generative AI capabilities.

The Best 4 Hardware Crypto Wallets of 2024

After a long crypto winter since the spring of 2022, the crypto world has been buzzing with activity recently. In January, the U.S. saw the approval of Bitcoin ETFs; on March 14, Bitcoin’s price soared to an all-time high of US$73,835—obviously, there is an upsurge in interest in the crypto market. 

SUNRATE Empowers B2B Transactions with Apple Pay Integration

SUNRATE, a global payment and treasury management platform for businesses, announced the integration of Apple Pay for its customers, offering a safer and more private payment method. This move leverages the advanced security features of the iPhone to protect transactions and aligns with the growing demand for seamless and secure business transactions.

VTT and ISKU Collaborate on Biocomposite Materials for Next-Gen Furniture

Finland’s VTT Technical Research Centre and furniture company ISKU have collaborated to develop a pioneering chair made from biocomposite materials. This sustainable piece leverages cellulose-plastic compounds, integrating natural fibers, polypropylene, and wood pulp sourced from Finnish forests, showcasing the practical applications of biocomposites in furniture design.