Hana Financial Group completes cloud migration with Oracle
South Korea-based Hana Financial Group (HFG) has completed “a large-scale migration” of “mission-critical applications” to the public cloud with Oracle.
The migration is part of an ongoing digital transformation of HFG’s operations. The bank says it aims to meet evolving customer needs and adjust to a “rapidly changing business environment”.
Oracle says its contract was won out in a competitive tender including “major local and global cloud vendors”.
The mission-critical application in question is Hana Members, a digital lifestyle platform with more than 15 million members. It allows customers to earn points based on usage of their Hana credit card and other bank services.
Hana Members can also earn points at participating merchants and use those points for various services and payments.
HFG already uses a range Oracle infrastructure services, including Oracle Database Cloud Service and Oracle Identity Cloud Service. It migrated to both from on-premises systems in September 2020.
Quality of life
“Such a large-scale cloud transformation project is unprecedented in the finance industry, not to mention within HFG,” the banks says in a statement.
“By migrating these mission-critical systems, Hana Members will benefit from innovation driven at a corporate, strategic level, with a focus on enhancing the quality of life for HFG’s customers.”
The group noted Oracle’s “unparalleled data management capabilities” and “secure and stable enterprise cloud infrastructure” as key factors in its deal with the vendor.
Tom Song, vice president and managing director for Oracle Korea, says his firm is proud to work on “one of the most influential digital transformation projects to be implemented by a leading financial group”.
HFG is the third-largest financial group in South Korea by market capitalisation. Founded in 1971, it operates across retail banking, investment, insurance, and asset management.