The new funding will be focused on expansion efforts and growing iSTOX’s investment offerings. Singapore-headquartered digital securities platform iSTOX has closed its Series A fundraise at US$50 million, the company announced in a statement yesterday. With the close, the company welcomes four [...]
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