What DUBHE does

DUBHE (주)두베, founded in South Korea on December 31, 2005, is a privately held financial-system-integration (SI) specialist that delivers IT services and proprietary software platforms to banks, securities firms, insurance companies, and card companies. The company positions itself as a domain-focused SI vendor combining legacy-system integration with adoption of newer technologies (mobile, RPA, AI chatbot, blockchain) under tighter reliability and security requirements than other verticals. Headquartered in Goyang-si, Gyeonggi-do, DUBHE also operates a Seoul R&D lab (Yeongdeungpo-gu), a Busan Blockchain Business Office at the Busan International Financial Center, and a Tokyo, Japan branch for offshore delivery.

The company's product portfolio is anchored by the Alioth platform family: Alioth 2.0 is a patented cross-platform mobile development framework supporting native (Android/iOS), hybrid, and PC web application development with built-in security modules (AES, RSA, SHA-512, HMAC, Proguard). It is extended by Alioth Box (a BPMN2.0-compliant hyper-automation/RPA platform), Alioth Ai-Chat (an on-premise RASA-based chatbot for financial institutions with optional third-party LLM integration), Alioth Chart (HTML5 2D/3D web charting), and Alioth Research (a low-code survey management system). A parallel blockchain offering—VALUNO stablecoin/STO platform and Piki Market NFT marketplace—is built on the SigmaChain mainnet (DRPoS consensus, claimed 300,000 TPS) under a co-development partnership with Sigmachain dating to 2018. FIN TIME is a consumer-facing financial data aggregation and insight app distributed via Google Play and Apple App Store. Underpinning these products are traditional SI services (banking, securities, card, insurance system integration), fintech application development, ICT consulting, and offshore development services for the Japanese market.

DUBHE generates revenue through four primary streams: professional-services revenue from financial-institution SI projects (the dominant stream, accounting for 70%+ of work and 500+ completed projects across 120 clients per company disclosures); platform licensing of the Alioth suite; transaction-fee and platform-usage revenue from the VALUNO stablecoin/STO service; and consumer/subscription revenue from FIN TIME. Disclosed revenue grew from KRW 12.8 billion in 2021 to KRW 17.6 billion in 2022 to KRW 22 billion in 2023 (data conflict between structured revenue field and scale_commentary noted in source), and the company was selected as Samsung SDS's Financial Business Partner in 2024. The company has no disclosed external institutional investors, no public listing, and a registered capital of KRW 800 million; it is led by co-CEOs Seok Gwang-jin (석광진) and Yoon Jang-jun (윤장준).

Name

DUBHE

Legal name

(주)두베 (Dubhe Inc.)

Website

https://do-best.co.kr

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

DUBHE (주)두베 is a South Korea-based financial system integration specialist, founded in 2005, delivering SI services and the proprietary Alioth platform family (cross-platform mobile, RPA, charting, on-premise chatbot) plus VALUNO stablecoin/STO blockchain to banks, securities firms, insurers, and card companies in Korea and Japan.

Ownership category

akta.pro rank

Headquarters

HQ city

Yongdungpo

HQ country

South Korea

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Financial SI Projects: System integration services for financial institutions including banks, securities companies, insurance companies, and card companies. Projects include inquiry transfer systems, financial product malls, authentication security, pension systems, loans, open banking, tablet branch systems, foreign currency remittance, SWIFT integration, mobile MTS, banking services, electronic document intermediation, and automated subscriptions.
2. Platform Licensing (Alioth Solutions): Licensing of proprietary platforms including Alioth 2.0 cross-platform development, Alioth Chart, Alioth Box, Alioth Research, and Alioth Chat. Solutions are deployed to enterprise customers for mobile app development, RPA, survey management, and chatbot services.
3. Blockchain Services (STO/Stablecoin): Revenue from transaction fees generated during issuance, redemption, settlement, and burning processes for stablecoin and STO services. Also includes platform usage fees and technology enhancement service revenue.
4. FIN TIME Service: Financial information aggregation platform providing personalized financial insights through standardized data processing technology. Revenue model not explicitly disclosed.
5. Offshore Development Services: Offshore development services for Japanese market, leveraging Korean development center with optimized services. Japanese branch established in Tokyo for smooth communication with local customers.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

DUBHE is a Korean financial system integration (SI) company founded in 2005, specializing in building, integrating, and operating IT systems for banks, securities firms, insurance companies, and card companies. It develops and licenses a proprietary suite of platforms under the Alioth brand (cross-platform mobile development, RPA/hyper-automation, AI chatbot, HTML5 charting, survey management), a blockchain platform (VALUNO for stablecoin/STO plus Piki Market NFT marketplace), and delivers professional SI, fintech application development, ICT consulting, and offshore development services targeting the Japanese market.

Product overview

DUBHE operates a multi-product portfolio organized around a core platform (Alioth 2.0) plus specialized add-on modules, a blockchain platform (VALUNO + Piki Market + Blockchain Services), and a suite of IT/fintech services. Alioth 2.0 serves as the cross-platform mobile development foundation, extended by Alioth Box (RPA/hyper-automation), Alioth Ai-Chat (on-premise AI chatbot), Alioth Chart (web charting), and Alioth Research (survey management). The VALUNO platform handles stablecoin and STO issuance on the Sigma Chain blockchain mainnet, alongside Piki Market (NFT marketplace) and blockchain services (DSTO wallet, DID identity verification, STO). FIN TIME is a separate consumer-facing financial data aggregation app. Underpinning the product suite are SI services (system integration, fintech application development, ICT consulting) and offshore development services for the Japanese market.

Differentiator

Problem solved

Functional benefit

Brands

• FIN TIME: Financial aggregation platform that collects and connects financial information from banks, securities, real estate, exchange rates, and news, providing personalized financial insights through standardized data processing technology. Available on Google Play and App Store.
• VALUNO

Products and services

• Alioth 2.0 (Alioth Cross Platform) Next-generation mobile cross-platform development framework enabling development, distribution, operation, and management of multiple service channels from a single source. Supports native mobile (Android/iOS), hybrid, and PC web application development with built-in security modules (AES, RSA, SHA-512, HMAC, Proguard) and REST API development via Swagger documentation.
• Alioth Box Hyper Automation (RPA) platform for sophisticated automation design, execution, and monitoring of enterprise systems. Complies with BPMN 2.0, features drag-and-drop visual process design, automation execution engine, and real-time instance monitoring for enterprise process automation.
• Alioth Ai-Chat On-premise AI chatbot solution for financial institutions providing closed-network natural language processing and response generation via the RASA engine. Supports closed-based deployment to prevent internal document exposure and integrates with third-party LLM engines. Built for financial-sector security and compliance.
• Alioth Chart HTML5-based web chart solution supporting active 2D and 3D chart expressions including bar, pie, and split charts, dynamic 4-stage technical indicator charts, mini-charts, comparison charts, and price information components. Designed for investment and securities trading applications.
• Alioth Research Low-code survey management platform enabling companies to create, distribute, and collect various survey forms. Features flexible questionnaire design with free branch settings, high-freedom logic management, usage history-linked survey distribution, and statistical visualization dashboards.
• VALUNO Stablecoin and STO (Security Token Offering) issuance platform built on the Sigma Chain blockchain mainnet using DRPoS consensus with up to 300,000 TPS. Supports the full lifecycle of token issuance, distribution, settlement, and burning for financial institutions, with multi-network support, cross-network swap, and smart contract-based automation.
• Piki Market NFT market platform jointly developed by DUBHE and Sigmachain, supporting token transactions and free trading of NFTs across user content, artwork, games, and entertainment through auctions, bulk, and fragment transactions with no creator registration fee.
• FIN TIME Financial information aggregation and insight platform that collects, normalizes, caches, and visualizes institutional and personal financial data from banks, securities, real estate, exchange rates, and news. Delivers personalized financial insights through standardized data processing. Available as consumer mobile apps on Google Play and App Store.
• Blockchain Service (DApp)

Quantifiable outcome

• Development and operation management efficiency improved 100% with Alioth 2.0 platform
• +3 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature9 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Samsung SDScoreChannel Partner/ Reseller/ Distributor · 1 January 2024Selected as Samsung SDS Financial Business Partner in 2024. Dubhe provides financial SI services and solutions to complement Samsung SDS financial business offerings.
• M2 Korea (엠투코리아)minorStrategic or Co-development Partner · 1 January 2022Dubhe participated in public sector pilot/expansion project for blockchain-based bonded transport vehicle qualification management and verification platform, led by M2 Korea.
• Cocoa Dream (코코아드림)minorOthers · 1 January 2019Subsidiary company established by Dubhe in 2019 for expanded business operations. Located in Tokyo, Japan.
• Daegu City Blockchain Working GroupminorStrategic or Co-development Partner · 1 January 2019Dubhe participates in Daegu City Blockchain Working Group for blockchain industry collaboration and development.
• Sigmachain (시그마체인)coreStrategic or Co-development Partner · 1 January 2018Strategic partnership for blockchain mainnet co-development. Sigmachain provides mainnet engine technology while Dubhe is responsible for developing and operating blockchain-based services including NFT platforms, stablecoin, and STO services. Dubhe launched VALUNO platform on Sigmachain mainnet and co-developed Piki Market NFT platform.
• NIPA (한국소프트웨어산업협회)minorStrategic or Co-development Partner · 1 January 2015Dubhe established corporate research center and participates in overseas informatization consulting support projects through NIPA.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• TmaxSoft: Korean enterprise software company providing middleware, database, and application platforms. Comparable as a domestic Korean peer developing proprietary platforms targeted at financial institutions and large enterprises.
• Sigmachain: Korean blockchain mainnet operator and DUBHE's strategic co-development partner since 2018. Comparable as a partner/adjacent peer providing the underlying blockchain infrastructure on which DUBHE's VALUNO and Piki Market are built.
• Douzone: Korean enterprise software and SI company specializing in ERP, groupware, and cloud for SMB and financial institutions. Comparable as a domestic Korean peer delivering customized software and integration services to similar mid-market and financial customers.
• HancomWITH (formerly Hancom MDS): Korean enterprise software and SI firm with roots in Hancom Group. Comparable as a domestic peer offering proprietary technology platforms (document, security, collaboration) alongside custom SI services.

Broad incumbents

• Hyundai Autoever: Listed Korean IT services subsidiary of Hyundai Motor Group providing SI, ERP, and cloud services to enterprise and financial clients. Comparable as a large-scale Korean SI competitor pursuing financial-sector digital transformation.
• NTT Data: Japan-headquartered global IT services firm with strong financial-services SI practice. Comparable as the primary Japanese market incumbent that DUBHE's Tokyo offshore branch competes against for Japanese financial-sector projects.
• Lotte Data Communication: Korean IT services firm with financial, retail, and logistics SI practices. Comparable as a domestic SI competitor pursuing Korean banking and enterprise digital transformation contracts.
• Samsung SDS: Korea's largest IT services firm with a dedicated financial-services practice covering banking, securities, and insurance. Comparable because Samsung SDS is both a competitor in financial SI and a 2024 channel partner for DUBHE, addressing the same Korean financial-institution customer base.
• LG CNS: Major Korean IT services and system integration firm serving banking, manufacturing, and public sectors. Comparable as a direct competitor for Korean banking SI mandates and digital transformation projects.
• SK C&C: Korean IT services arm of SK Group serving financial, manufacturing, and public sector clients with large-scale SI capabilities. Comparable as an incumbent Korean SI competitor with deep financial-sector relationships.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DUBHE