As Southeast Asia’s digital economy continues to boom, businesses are looking for powerful technology solutions to support their growth. The region has emerged as the world’s fastest growing online market, with 125,000 new users accessing the internet every day.
Projections suggest that the burgeoning ASEAN digital economy is on track to contribute an additional US$1 trillion to the region’s Gross Domestic Product (GDP) over the next decade. This significant economic growth highlights the transformative power of digital technologies to drive growth and innovation across ASEAN member states.
At the recent OceanBase INFINITY technology conference in Jakarta, Indonesia, Ocean Baseshared insights with Fintech News Singapore about the company’s strategy, partnerships and vision for the region’s digital future.
Under Evan’s leadership, OceanBase is aggressively pushing database technology and products to new heights, developing next-generation database architectures designed to handle mission-critical workloads.
Additionally, recognising the huge potential of its vast user base across Southeast Asia and the rapidly growing digital economy, OceanBase is also developing a technology ecosystem around its database technology in this market.
At the recent OceanBase INFINITY technology conference in Jakarta, Indonesia, OceanBase CEO Evan Yang shared insights on the company’s strategy, partnerships, and vision for the region’s digital future.
Supporting your digital transformation
As the region’s digital economy thrives, we are seeing an unprecedented surge in the adoption of innovative technologies. The proliferation of super apps, diverse fintech solutions and widespread digital transformation is creating increasing demands on technology infrastructure, with traditional solutions often unable to keep up with the evolving needs of businesses and consumers.
This can pose both a challenge and an opportunity for forward-thinking businesses to adopt cutting-edge solutions that can effectively support and accelerate the region’s digital growth.
“In the digital economy, when companies move from traditional IT architectures to new ones, they usually need to upgrade the fundamental technology components. Traditional products experience bottlenecks when dealing with new requirements, especially new and emerging technology trends such as cloud computing, AI and business data analytics.”
OceanBase’s solutions are designed to address the challenges of traditional technology systems, providing improved performance, scalability, high availability and cost-effectiveness.
Evan Yang
For example, OceanBase’s ability to support large volumes of transactions is well-proven, helping process millions of transactions per second during China’s annual 11.11 Global Shopping Festival.
“OceanBase delivers high performance at a low cost. Due to OceanBase’s distributed data storage engine with high data compression, OceanBase can effectively reduce storage costs by 70%-90% compared to MySQL/Oracle databases, assuming the same storage capacity for a similar business.”
Evan stated.
Supporting the growth of innovative companies in SEA
In Southeast Asia, the company works closely with local customers and partners to understand their specific needs and challenges, delivering localized solutions that contribute significantly to the digital transformation of businesses in the region.
Oceanbase has made significant inroads in the region in recent years, successfully partnering with digital wallets. DANA from IndonesiaSingapore’s popular restaurant chain Haidilao, a major e-wallet GCash in the PhilippinesThese diverse use cases demonstrate OceanBase’s expansion across different sectors, with each collaboration highlighting OceanBase’s ability to address unique challenges.
DANA and GCash helped OceanBase scale its database needs to meet rapidly growing customer demand as its user base grew rapidly. Meanwhile, Haidilao leveraged OceanBase to Upgrade your digital membership system As we expand into new markets.
Partnerships with educational institutions, e.g. Collaboration with Nanyang Technological University This initiative in Singapore further demonstrates Ocean Base’s commitment to nurturing local talent and driving innovation in the region.
OceanBase is also launching training and certification programs to accelerate workforce development, better understand region-specific issues, and provide potential clients and technical teams with a deeper understanding of how to best leverage the strengths of the OceanBase database.
Expanding horizons in Southeast Asia
As the company expands its database solutions in Southeast Asia, Evan detailed OceanBase’s international strategy, which is based on three key pillars: First, the company continuously invests in research and development to maintain its edge in performance and scalability.
Second, OceanBase is developing what is called an “L-shaped” technological capability that combines advances in transaction processing and more technical features with compatibility across a range of hardware infrastructure.
The third pillar is the development of integrated database products that combine online transaction processing (OLTP) and online analytical processing (OLAP) capabilities to meet customers’ business needs through integrated solutions.
The company’s approach focuses on localisation to suit the data requirements of different industries, as Evan explains:
“We are focused on making OceanBase compatible with the technology stack that our local customers are familiar with.”
This strategy extends to ensuring seamless integration with popular cloud providers such as: Amazon and Google Cloud.
Southeast Asia’s Digital Future Vision
Looking to the future, Evan sees several key trends shaping the entire database industry, including the need to accommodate massive data volumes, support AI techniques, and unify data management architectures.
An easy-to-use integrated database product.
In this case, OceanBase has invested heavily in technological advancements to ensure it is well-positioned to meet future trends.
Ocean Base also has a strong focus on Southeast Asia, with Evan highlighting the company’s commitment to the region:
“We are prioritizing this market in every way, including our research and development resources, technical support efforts and partnership strategies.”
As Southeast Asia continues its digital transformation journey as one of the fastest growing regions in the world, Evan’s vision for OceanBase in Southeast Asia is clear – to be the technology partner that supports the digital transformation of local customers by providing them with the robust, scalable, and cost-effective database solutions that businesses need to succeed in the digital age.
According to a report by Google, Temasek and Bain & Company, Southeast Asia’s internet economy is predicted to reach US$300 billion by 2025, tripling in size from 2020. This explosive growth is driven by a young, tech-savvy population, increasing smartphone penetration and improving internet connectivity across the region.
Additionally, e-commerce, the gig economy and the growing need for remote working are accelerating the digital transformation of traditional industries. From healthcare to education, businesses across the region are rethinking their operations in the digital space, requiring a strong, flexible and secure technology infrastructure.
As Southeast Asia’s digital economy continues to grow, OceanBase is ready to contribute to the technology infrastructure of this exciting new era of digital innovation and economic growth.
Featured Image Credit: Free Pick
