Shinhan Financial Investment Embarks on Building Multi-Cloud Based Open Platform

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Shinhan Financial Investment announced on the 15th that it is carrying out the so-called 'Project Meta,' which builds a next-generation information and communication technology (ICT) system based on Multi-Cloud, and plans to invest 10% of its annual net profit each year for the next three years.

The core of Project Meta is to break down all securities-related services currently provided by Shinhan Financial Investment into small parts using the MSA (Micro Service Architecture) method and offer them on the cloud. Fintech companies, startups, and one-person businesses alike will be able to freely embed Shinhan Financial Investment’s securities services into their own applications (apps) and provide them to their customers. This is expected to bring revolutionary improvements in service development and fault management.

This concept is similar to Microsoft (MS) placing its major products such as MS Word, MS Excel, and MS PowerPoint on the cloud, allowing users to freely use them while MS handles development, maintenance, and support. For example, if an app-based company with one million users wants to provide asset management services to its customers, it can use Shinhan Financial Investment’s asset management solution open on the cloud without partnerships or complicated procedures. Advisory firms possessing investment know-how and information can upload their services on Shinhan Financial Investment’s open platform and reach numerous users without investment costs.

Furthermore, once the open platform is established, securities firms in Southeast Asia can embed Shinhan Financial Investment’s domestic stock trading services and U.S. stock trading services into their own Mobile Trading Systems (MTS) and offer them to local customers.

To build such a system, Shinhan Financial Investment plans to adopt a multi-cloud system. Shinhan Financial Investment has already built a cloud system with AWS (Amazon Web Services), the first in the industry. In addition, it will proceed with additional system construction with cloud providers capable of implementing the open platform ecosystem.

Lee Young-chang, CEO of Shinhan Financial Investment, said, "Our goal is to build a platform that easily provides information from global financial market service platforms anytime and anywhere and allows investors to utilize it." He added, "Along with the introduction of the new ICT system, we plan to strengthen the digital capabilities of all employees and firmly establish an agile organizational culture."

This content was produced with the assistance of AI translation services.