KakaoBank, a South Korean mobile-only internet bank and financial technology company, has announced the adoption of OpenChain ISO/IEC 18974 in their open source security assurance program. Founded in 2016, KakaoBank is one of the leading financial technology companies in the region.
KakaoBank has long been an active contributor to the open source community. In collaboration with other South Korea companies, KakaoBank has continually sought to make sure practical, efficient value is obtained from the potential of open source platform technologies. Their adoption of OpenChain ISO/IEC 5230, the international standard for open source license compliance, in 2022 was an early indicator of this. The announcement of ISO/IEC 18974 adoption today underlines that commitment.
“The open source team at KakaoBank has taken great strides in demonstrating the effective management of open source for large, agile and rapidly growing business sectors,” says Shane Coughlan, OpenChain General Manager. “The financial sector provides unique challenges in both being an environment of heavy regulation and caution, and a space where rapid digital innovation is taking place. Open source provides an obvious way to ensure new platforms and technologies can be turned into great new services, and the OpenChain standards for license compliance and security assurance provide a way to manage things in a predictable, reliable manner. We are delighted to work with the visionary team at KakaoBank and we look forward to collaborating further on the development of a more trusted supply chain.”