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Kakaobank Announces OpenChain Conformant Program

By 2022-01-24July 26th, 2022Featured, News

Today Kakaobank announces an OpenChain ISO/IEC 5230 conformant program. It is the first financial company in Korea and the second worldwide to formally adopt the International Standard for open source compliance.

“The use of open source is a trend and essential for all IT industries,” says Shin Jae-Hong, Chief Information Officer(CIO) of Kakaobank. “As Kakaobank is the first Korean financial company to be a part of OpenChain, We will accelerate innovative financial business possibilities through Ai, Big data, and Cloud based on our open source ability”

“The Korean community has been instrumental in building and supporting OpenChain ISO/IEC 5230, the International standard for open source license compliance,” says Shane Coughlan, OpenChain General Manager. “We are delighted to celebrate today’s conformance announcements by Kakao and KakaoBank, underlining the leadership and energy in the local market. Our shared supply chain is becoming clearer, more trusted and more efficient thanks to these efforts.”

About Kakaobank

Kakaobank is the biggest mobile-first bank in South Korea. Established in January 2016, the bank launched its public service in July 2017 after obtaining a final full banking license in April 2017. The bank attracted 240,000 customers within the first 24 hours of starting service. At the end of December 2021, Kakaobank holds 17.9 million users and 15.7 million account holders, around 60% of economically-active population in South Korea.

Kakaobank provides full-banking products via its mobile application, enabling customers to enjoy our services easier and faster. Kakaobank is looking to become a customer-centric bank under our slogan of “Helping you use banking services easier in your daily life” by providing a variety of essential financial products.