Koscom, a South Korean developer of financial IT solutions, announced on Feb. 19 that it and Korea Exchange (KRX) put into service the international version of KRX’s trading platform, Exture+, on Feb. 17 in the former Soviet republic of Azerbaijan after completing the internationalization of Exture+.
Since February last year, Koscom has worked on the internationalization of Exture+ to facilitate the export of Exture+ to overseas capital markets. Koscom says the launch of the international version of Exture+ has paved the way for Koscom to emerge as a leading IT solution developer in the global capital market.
Exture+, which has been used as the S. Korean capital market’s trading platform since March 2014, is capable of processing 20,000 transactions per second, the fastest in the world.
Exture+, built with Linux-based low-latency technologies, has functioned well without any glitch over the past two years. Azerbaijan has become the first foreign market to install Exture+.
As of now, Koscom is working on projects to improve the system of the Uzbek securities market and the Vietnamese stock exchange’s integration system. In collaboration with KRX, Koscom is also planning to make inroads into the capital markets of the Philippines, Brunei and Abu Dhabi.
Since 2008, Koscom has carried out eight projects in six countries including Malaysia, Laos, Cambodia and Thailand. Shipping homegrown capital market IT solutions to Southeast Asia and Central Asia, Koscom has been taking the lead in having Hallyu, or the “Korean Wave,” spilling over into the global financial IT market.
In particular, Thailand Futures Exchange last year overhauled its clearing and trading systems by introducing a new platform based on the Exture+ clearing system and received the Futures & Options World (FOW) Award for Innovation 2015 last year in the UK.
Meanwhile, Koscom last year signed a contract with Indonesian financial IT company Micropirantito to supply its STP (Straight Through Processing)-HUB, an IT solution that helps asset management companies directly and simultaneously place orders with multiple brokerage firms. Since then, Koscom has moved beyond doing business with stock exchanges of other nations towards exporting stock trading solutions to securities firms and asset management companies around the world.
Koscom’s STP-HUB is designed to automate the entire process of stock trading, from order placement and confirmation to order fulfillment, between institutional investors (e.g. asset management companies and banks) and a securities firm, so efficiency and transparency, as well as cost effectiveness, can be ensured in each transaction. That’s why Koscom’s STP-HUB is expected to take the Indonesian capital market to new heights.
On top of that, Koscom has been taking part in the government-led Knowledge Sharing Program (KSP) to share its 40 years of experience and expertise with developing countries.
Koscom is also in talks with UOB Bullion and Futures (UOBBF) -- a subsidiary of United Overseas Bank (UOB), a multinational banking organization headquartered in Singapore -- to supply its STP-HUB. In addition, Koscom and the Luxembourg Trade and Investment Office in South Korea are discussing ways to support fintech startups.
On the CSR front, Koscom has vigorously made social contributions in Cambodia, Laos and Vietnam, supplying IT devices, supporting home remodeling and repair projects and the construction and renovation of kindergartens and primary schools and sponsoring school lunch programs.
