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Thursday, May 30, 2024

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    Oceanbase Backs Palmpay in Lowering Its Database Management Cost

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    Somali Magazine  – OceanBase, an enterprise-level distributed relational database provider, announced that its database solution has been deployed and put into operation in the core IT systems of PalmPay, a leading fintech platform in Africa. Palmpay reduced OceanBase data costs by 80 per cent, providing an advance in its management and operations.

    Being the first Africa-based customer, OceanBase has transitioned its accounting operations, transaction, payment, and billing systems to its cloud (OceanBase Cloud), a system that has not only boosted the performance of PalmPay’s database infrastructure but also provided advancement capacity for data compression, distributed expansion, financial-grade disaster recovery in multi-availability zones, and streamlined unified deployment support. Additionally, OceanBase’s comprehensive operation platform significantly improves the efficiency of PalmPay’s day-to-day database operations and management.

    PalmPay has been growing fast as one of the leading financial service providers in Africa since its launch in 2019. Among the services it provides to customers through its smartphone apps are money transfers, bill payments, credit services, and savings.

    PalmPay serves over 30 million people daily and maintains an extensive network of 1.1 million businesses, comprising 500,000 mobile money agents and 600,000 merchants. The ever-busy enterprise platform is currently processing up to 15 million transactions daily, with billions of dollars transacted monthly.

    As a result of an increase in usability and transaction volumes, the PalmPay platform has faced a more complex database management cost and therefore sought to merge with OceanBase to simplify the management cost to enhance better performance, stability, and cost-efficiency.

    “OceanBase not only assists us in addressing the challenges that come with rapid business growth, including transitioning to next-generation technical architecture and supporting high-frequency transactions, but also significantly enhances our cost-efficiency,” said Sofia Zab, Chief Marketing Officer of PalmPay.

    With the active operation of the OceanBase database, a wide range of opportunities have been enhanced, making the platform more trustworthy among its customers and collaborators.

    “The OceanBase database has been deployed to support all the core systems of Alipay and has also been adopted by e-wallets across the world, such as GCash in the Philippines and DANA in Indonesia. These examples highlight the trustworthiness of OceanBase’s technology”, Zab added.

    Through OceanBase Cloud support, PalmPay has successfully managed to reduce its mother accounting database costs by 80 percent, including its database costs by 71 per cent, resulting in an impressive 80 per cent reduction in monthly database-related expenses.

    So far, OceanBase has offered both cloud and on-premise versions of its database product. The company has also provided customized solutions to meet the diverse needs of enterprises of different kinds. The database provider serves a wide range of industries, including finance, energy, telecommunications, and the internet.

     

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