Within the fintech business, the place knowledge flows are as essential as monetary currents, adeptly managing huge volumes of knowledge is useful and important.
The sector is witnessing a pivotal shift from conventional database programs to extra refined and scalable options.
This evolution is pushed by the need to deal with advanced knowledge effectively, securely, and reliably, making superior knowledge administration methods a cornerstone for fulfillment in as we speak’s digitally pushed monetary panorama.
A response to fashionable knowledge administration wants
OceanBase, developed by Ant Group, emerges as a response to the evolving necessities of latest knowledge administration. This database system combines the scalability of distributed programs with the effectivity of centralised architectures.
Able to dealing with each transactional and analytical processing inside a single framework, OceanBase demonstrates a excessive diploma of versatility.
Its compatibility with SQL and conventional relational databases signifies its potential as an appropriate alternative for organisations seeking to replace their knowledge administration programs.
OceanBase has been recognised for its efficiency capabilities, significantly in supporting large-scale occasions and reaching notable ends in TPC-C and TPC-H benchmarks. The database’s method to catastrophe restoration, involving a community of IDCs throughout a number of websites, focuses on offering resilient and reliable knowledge administration options.
As well as, unbiased analyst agency Forrester recognised OceanBase as a “Notable Vendor” of their 2022 panorama report on translytical knowledge platforms.
PalmPay’s journey with OceanBase
PalmPay, a fintech platform in Africa, underwent a big transformation when it selected OceanBase as its database answer. As the primary Africa-based buyer to undertake OceanBase, PalmPay boldly enhanced its core IT programs.
The transition concerned migrating its accounting, transaction, cost, and billing programs to OceanBase Cloud, a cloud-based database service providing many advantages.
One of many quick benefits PalmPay skilled was a lift within the efficiency of its database infrastructure. This enhancement was essential for an organization that had quickly grown since its inception in 2019.
PalmPay caters to a consumer base exceeding 30 million folks and maintains an unlimited community of 1.1 million companies, which incorporates 500,000 cell cash brokers and 600,000 retailers.
With each day transaction volumes reaching as much as 15 million and month-to-month transactions in billions of US {dollars}, PalmPay confronted the inevitable scalability, efficiency, and stability challenges.
After comprehensively assessing out there options, PalmPay discovered its reply in OceanBase. The choice to associate with OceanBase was not nearly addressing the challenges of speedy enterprise progress; it was additionally about optimising cost-efficiency.
Sofia Zab, Chief Advertising and marketing Officer of PalmPay
In response to Sofia Zab, Chief Advertising and marketing Officer of PalmPay,
“OceanBase not solely assists us in addressing the challenges of speedy enterprise progress, together with transitioning to the next-generation technical structure and supporting high-frequency transactions, but in addition considerably enhances our cost-efficiency.”
The numbers inform a compelling story. With OceanBase Cloud, PalmPay decreased its core accounting database prices by a powerful 86 % and its monetary historical past database prices by 71 %.
This resulted in an impressive 80 % discount in month-to-month database-related bills. Such value financial savings are vital and a testomony to OceanBase’s prowess in optimising assets and delivering worth.
OceanBase’s widespread adoption
PalmPay’s determination to associate with OceanBase shouldn’t be an remoted case. OceanBase’s popularity as a trusted and environment friendly database answer has led to its deployment in numerous core programs.
As an illustration, the OceanBase database helps all of the core programs of Alipay, a outstanding participant within the digital cost business.
It has additionally adopted by e-wallets worldwide, together with GCash within the Philippines and DANA in Indonesia. These examples spotlight the reliability and flexibility of OceanBase’s expertise, making it a most popular alternative for companies throughout the globe.
Tailor-made options for numerous industries
OceanBase’s dedication to addressing the various wants of enterprises is clear in its choices. The corporate offers cloud and on-premise variations of its database product, catering to totally different preferences and necessities.
Moreover, OceanBase has a monitor document of delivering customised options to satisfy the particular wants of enterprises in numerous sectors.
In consequence, OceanBase serves a variety of industries, together with finance, vitality, telecommunications, and the Web. This adaptability and flexibility make OceanBase a helpful associate for companies in several domains, enabling them to harness knowledge administration’s energy successfully.
A transformative partnership
Within the ever-evolving fintech business, adaptability and innovation are important for fulfillment. PalmPay’s journey from conventional relational databases to OceanBase is a testomony to expertise’s transformative energy.
By selecting OceanBase, PalmPay addressed the challenges posed by its speedy progress and achieved exceptional value financial savings.
OceanBase, with its distributed relational database answer, provides companies the instruments they should thrive in a data-driven world. Its assist for real-time enterprise intelligence, sturdy knowledge consistency, and high-performance place it as a dependable alternative for enterprises throughout numerous industries.
As OceanBase continues to innovate and contribute to the database business, companies like PalmPay are poised for fulfillment in a panorama the place knowledge administration performs a pivotal position in progress and competitiveness.
The partnership between PalmPay and OceanBase exemplifies the potential of expertise to drive significant change and allow corporations to attain their goals within the fintech sector.
For extra details about OceanBase’s capabilities in knowledge administration, please click on right here for an in depth session.
Featured picture credit score: Freepik
