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Fintech Open Source Foundation joins Linux Foundation

Both large and small fintech firms have been leveraging open source to innovate on new technologies, ranging from cloud computing to decentralized networks and blockchain to AI and ML.

April 12, 2020 / 12:27 AM IST

The Linux Foundation, the non-profit organization enabling mass innovation through open collaboration, and the Fintech Open Source Foundation (FINOS), a non-profit whose mission is to accelerate adoption of open source software, standards and best practices in financial services, has announced that FINOS will become a Linux Foundation organization. To enable this effort, the Linux Foundation has agreed to acquire the FINOS operating assets.

The Linux Foundation will position FINOS as its umbrella project through which to advance further development of open source and standards within the financial services industry. The FINOS team, led by Executive Director Gabriele Columbro, will join the Linux Foundation. Columbro will continue in his role.

The financial services industry has a long history of open source adoption, having been among the earliest industries to embrace Linux. Since then, both large and small fintech firms have been leveraging open source to innovate on new technologies, ranging from cloud computing to decentralized networks and blockchain to machine learning and artificial intelligence. FINOS has been instrumental in bringing key industry stakeholders together around open source contribution and will be empowered now to expand and accelerate that work through the global open source community and Linux Foundation's services and resources.

"Open source technology is essential to the future of the financial services industry," said Alejandra Villagra, FINOS chairperson, Citi group. "With FINOS becoming part of the Linux Foundation, we can leverage a wider network of resources and further accelerate collaboration that delivers technology solutions to common business issues and industry challenges, shaping the future technology landscape."

FINOS is a diverse community of developers, financial and technology industry leaders committed to making contributions that will enable open source to flourish in financial services. Having grown rapidly over the last two years, the community today boasts more than 30 member organizations, 300+ contributors and many open source projects delivering value to participants across the industry.
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first published: Apr 12, 2020 12:27 am
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