The Linux Foundation, the nonprofit organization enabling mass innovation through open collaboration, and the Fintech Open Source Foundation (FINOS), a nonprofit whose mission is to accelerate adoption of open source software, standards and best practices in financial services, today 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.
“In less than two years FINOS has become the go-to foundation for open source collaboration in financial services. With this sector’s focus on technology-driven solutions, we feel the time is right to bring our two communities together to enable the next stage of innovation for our projects,” said Jim Zemlin, executive director at the Linux Foundation. “We look forward to working with Gab, the FINOS team and its members as we together chart the future of global financial services collaboration.”
“FINOS has achieved tremendous growth across our project portfolio thanks to our 35 members and wider community,” explained Gabriele Columbro. “The FINOS community’s passion and dedication to applying open source practices to address concrete, pressing topics -- in areas such as cloud computing, financial modeling, desktop interoperability, messaging, tooling, and data technology -- has established the transformative potential of open source within financial services. We are thrilled to join forces with the Linux Foundation to accelerate this growth and welcome an even more diverse set of members and projects under the FINOS umbrella.”
“Open source technology is essential to the future of the financial services industry,” said Alejandra Villagra, FINOS Chairperson, Citigroup. “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.”
“Over the last few years, FINOS successfully created a community of buy-side, sell-side, fintech and tech companies who work together on a wide range of open source projects and standards, “ said Dov Katz, FINOS Vice-chairperson and Managing Director at Morgan Stanley. “Joining the Linux Foundation will extend our pool of partners, talented developers and engineers dedicated to solving similar problems, and will help the community innovate even faster.”
“The global financial community benefits when data and technology can be combined through shared standards,” said Robert Coletti, Head of Desktop Platform, Refinitiv. “We look forward to continued engagement with FINOS and the new opportunities that being part of the Linux Foundation will provide.”
“As a strategic open source partner for financial services firms, we work closely with FINOS and its members to drive open source adoption and best practices within the financial services industry,” said Andrew Aitken, general manager and global open source practice leader, Wipro Limited. “We know that open source plays a critical role in accelerating a bank's enterprise transformation journey and believe that closer ties with Linux Foundation will help FINOS make inroads even faster.”
Financial services organizations have been rapid adopters of new technology, including large amounts of open source, which they have used to extend market reach and create client value. It is increasingly important for firms to look at enterprise open source and its ability to foster innovation while maintaining stability," said Chris Wright, senior vice president and chief technology officer, Red Hat. “As active members of the Linux Foundation we see the immense potential this collaboration has to benefit the financial services industry as they adapt to an evolving 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..