Bridging the Gap in Modern Data Management – Fintech Singapore

by Rebecca Oi January 22, 2024

In the fintech industry, where data flows are as crucial as financial currents, adeptly managing vast volumes of information is beneficial and essential.

The sector is witnessing a pivotal shift from traditional database systems to more sophisticated and scalable solutions.

This evolution is driven by the necessity to handle complex data efficiently, securely, and reliably, making advanced data management strategies a cornerstone for success in today’s digitally driven financial landscape.

A response to modern data management needs

OceanBase, developed by Ant Group, emerges as a response to the evolving requirements of contemporary data management. This database system combines the scalability of distributed systems with the efficiency of centralised architectures.

Capable of handling both transactional and analytical processing within a single framework, OceanBase demonstrates a high degree of versatility.

Its compatibility with SQL and traditional relational databases indicates its potential as a suitable choice for organisations looking to update their data management systems.

OceanBase has been recognised for its performance capabilities, particularly in supporting large-scale events and achieving notable results in TPC-C and TPC-H benchmarks. The database’s approach to disaster recovery, involving a network of IDCs across multiple sites, focuses on providing resilient and dependable data management solutions.

In addition, independent analyst firm Forrester recognised OceanBase as a “Notable Vendor” in their 2022 landscape report on translytical data platforms.

PalmPay’s journey with OceanBase

PalmPay, a fintech platform in Africa, underwent a significant transformation when it chose OceanBase as its database solution. As the first Africa-based customer to adopt OceanBase, PalmPay boldly enhanced its core IT systems.

The transition involved migrating its accounting, transaction, payment, and billing systems to OceanBase Cloud, a cloud-based database service offering many benefits.

One of the immediate advantages PalmPay experienced was a boost in the performance of its database infrastructure. This enhancement was crucial for a company that had rapidly grown since its inception in 2019.

PalmPay caters to a user base exceeding 30 million people and maintains a vast network of 1.1 million businesses, which includes 500,000 mobile money agents and 600,000 merchants.

With daily transaction volumes reaching up to 15 million and monthly transactions in billions of US dollars, PalmPay faced the inevitable scalability, performance, and stability challenges.

After comprehensively assessing available solutions, PalmPay found its answer in OceanBase. The decision to partner with OceanBase was not just about addressing the challenges of rapid business growth; it was also about optimising cost-efficiency.

Sofia Zab, Chief Marketing Officer of PalmPay

According to Sofia Zab, Chief Marketing Officer of PalmPay,

“OceanBase not only assists us in addressing the challenges of rapid business growth, including transitioning to the next-generation technical architecture and supporting high-frequency transactions, but also significantly enhances our cost-efficiency.”

The numbers tell a compelling story. With OceanBase Cloud, PalmPay reduced its core accounting database costs by an impressive 86 percent and its financial history database costs by 71 percent.

This resulted in an outstanding 80 percent reduction in monthly database-related expenses. Such cost savings are significant and a testament to OceanBase’s prowess in optimising resources and delivering value.

OceanBase’s widespread adoption

PalmPay’s decision to partner with OceanBase is not an isolated case. OceanBase’s reputation as a trusted and efficient database solution has led to its deployment in various core systems.

For instance, the OceanBase database supports all the core systems of Alipay, a prominent player in the digital payment industry.

It has also adopted by e-wallets worldwide, including GCash in the Philippines and DANA in Indonesia. These examples highlight the reliability and versatility of OceanBase’s technology, making it a preferred choice for businesses across the globe.

Tailored solutions for diverse industries

OceanBase’s commitment to addressing the diverse needs of enterprises is evident in its offerings. The company provides cloud and on-premise versions of its database product, catering to different preferences and requirements.

Additionally, OceanBase has a track record of delivering customised solutions to meet the specific needs of enterprises in various sectors.

As a result, OceanBase serves a wide range of industries, including finance, energy, telecommunications, and the Internet. This adaptability and versatility make OceanBase a valuable partner for businesses in different domains, enabling them to harness data management’s power effectively.

A transformative partnership

In the ever-evolving fintech industry, adaptability and innovation are essential for success. PalmPay’s journey from traditional relational databases to OceanBase is a testament to technology’s transformative power.

By choosing OceanBase, PalmPay addressed the challenges posed by its rapid growth and achieved remarkable cost savings.

OceanBase, with its distributed relational database solution, offers businesses the tools they need to thrive in a data-driven world. Its support for real-time business intelligence, strong data consistency, and high-performance position it as a reliable choice for enterprises across various industries.

As OceanBase continues to innovate and contribute to the database industry, businesses like PalmPay are poised for success in a landscape where data management plays a pivotal role in growth and competitiveness.

The partnership between PalmPay and OceanBase exemplifies the potential of technology to drive meaningful change and enable companies to achieve their objectives in the fintech sector.

For more information about OceanBase’s capabilities in data management, please click here for a detailed consultation.

Featured image credit: Freepik 

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• Source: https://fintechnews.sg/82304/digital-transformation/bridging-the-gap-in-modern-data-management/