KakaoBank, First Domestic Financial Company to Obtain Open Source International Standard Certification

[Asia Economy Reporter Kiho Sung] KakaoBank announced on the 25th that it has obtained the Open Source Compliance Certification (ISO/IEC 5230:2020) as a company compliant with the International Organization for Standardization (ISO) 'OpenChain Project' standards.

The 'OpenChain Project' was initiated in 2016 under the leadership of the Linux Foundation, a nonprofit organization in the United States. It evaluates companies' compliance capabilities with open source from multiple perspectives and grants certification to companies that have systematic and consistent open source compliance. It reviews whether companies meet criteria such as ▲appropriateness of establishing open source policies and processes ▲whether a compliance system is built ▲expertise of responsible organizations and personnel ▲and whether internal members have undergone training.

Open source has the advantage of shortening release time and reducing costs during software development, as well as allowing the use of high-quality source code. However, if proper management is not conducted, security vulnerabilities or copyright disputes may arise, making a sophisticated management system important. So far, more than 40 global companies have received certification, and KakaoBank is the first domestic financial company to be certified.

Based on these open source utilization capabilities, KakaoBank plans to contribute to the spread of innovative financial technology and secure leadership in the financial technology sector.

Jae-hong Shin, Chief Information Officer (CIO) of KakaoBank, said, “The use of open source is the trend and essential in all IT industries,” adding, “As the first in the domestic financial industry to be recognized for open source utilization capabilities, we will create new financial business value through AI, big data, cloud, and more.”

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