The Fintech Open Source Foundation continues to expand support to constituents and geographies with increased buy-side, cloud and fintech representation
New York, NY – May 31 – The Fintech Open Source Foundation (FINOS), the umbrella of financial services Linux Foundationannounced today the addition of six new corporate members, including Google Cloud, Societe Generale, American Express, Dot72, Mirantisat The Digital Dollar Projectyou. It will make up 19 new members in 2021 and its recent addition of Wellington Management Company on its Board of Directors, FINOS now has 57 member companies, ushering in a new era of open collaboration with the global financial services industry.
These new members, as well as the entire FINOS ecosystem will meet in London on July 13 at its annual congress. Open Source in the finance forum.
This addition of new members strengthens FINOS’s position as an arena of choice for building the next generation of fintech with common standards and open source components for sell-side and buy-side financial institutions, fintech, cloud company, regulators, industry consortia and individual contributors. FINOS continues to grow in the number and diversity of its member companies around the world, with an annual membership increase of more than 35%, stimulating a community of over 1,200 active contributors. This announcement is particularly significant because the interaction of cloud providers and new buy-side companies indicates widespread acceptance of open source ROI across the technology value chain.
“We are at an important moment in our evolution as a community, where literally everyone in the industry realizes that open source collaboration has the concrete potential to animate the vision of a highly efficient, interoperable, and sociable for to developers. global financial technology, ”said Gabriele Columbro, Executive Director of FINOS.“ From cloud and open source leaders to some of the world’s most historically conservative companies currently deploying open source program office (OSPO), we are extremely proud to see global recognition of the value of open source and the role FINOS has played in this evolution.
Meet new members
Google Cloud became the first global cloud service provider to join FINOS as a Gold Member. Google Cloud will assist in important efforts for cloud deployments in financial services such as FINOS Open RegTech at Following financial infrastructure initiatives, aimed at stimulating the adoption of FINOS open source projects in the cloud.
“For more than 20 years, Google has helped shape the future of computing through its technology leadership and support across the open source ecosystem,” said Zac Maufe, chief financial services officer at Google . Cloud. “We are excited to join FINOS and its community of open source businesses and people. As the financial services industry accelerates its use of cloud technologies, FINOS’s open source projects will provide valuable support to our customers and the financial services technology community as a whole.
Société Générale (SocGen), a French multinational investment bank and financial services company, has joined FINOS as a Gold Member, representing an important addition to European sell-side representation within FINOS. This follows the Linux Foundation’s strengthening of its global focus with the recently announced inaugural launch The European world of open source: 2022 Europe Spotlight Surveya testament to the truly global nature and potential of the open source community.
“Societe Generale implemented the“ Open Source First ”policy in 2017 and established its Open Source Program Office (OSPO) in 2020,” said Alain Voiment, CIO for the Group’s digital foundations and corporate functions, Société General. “Over the years, our goal has been to thrive on the open source journey by leveraging the benefits from the infrastructure layer to the application layer to add business value while engaging with our developer community. . As we become a more “tech” company that harnesses the power of computing, digital and data, we continue to build our capacity for change by delivering more value to our customers. Working with FINOS is the right step in this direction and there is no better time to start this journey.
Our third Gold Member, American Express, is committed to providing digital products and services that enhance the lives of their customers, and believes that open source is an important element in supporting innovative growth in the industry.
“Our technology philosophy is focused on increasing size and efficiency, improving market speed, high quality and safety, while always keeping our customer at the center of everything. We do,” said Hilary Packer, executive vice president and chief technology officer, American Express. “We are excited to join FINOS because of the opportunities it will provide to collaborate and contribute to the community, while supporting our continued use of open source software, standards and best practices, which in turn will help ensure continued success. and growth of our business.
FINOS also continues to expand the footprint of open source technology in buy-side institutions to transform the investment and asset management industry. Companies now have the opportunity to take advantage of open source connectivity, thanks to projects such as FDC3 which enhances interoperability on the seller’s side, to quickly get to market in a vendor-neutral manner. Silver’s newest member Point72, a global asset manager that invests in multiple strategies and asset classes, was the first buying company to join FINOS in early 2022, demonstrating its leadership and strong investment focus. use of open source in this industry sector.
“Open source has become an increasingly important driver of innovation in leading technology organizations within financial services,” said Mark Brubaker, chief technology officer at Point72. “Our decision to join FINOS reflects our belief that open source collaboration lifts all boats, benefiting all organizations and technologists.”
Mirantis, a solid leader of open source and cloud management platforms that helps organizations easily send code to public and private clouds, also joined FINOS as a member of Silver.
“We are proud and excited to join FINOS,” said Andy Wild, Chief Revenue Officer of Mirantis. “With the rapid adoption of Kubernetes-driven cloud-native technologies in the financial industry, Mirantis understands that collaboration is the fastest path to change, and our open source-based products and services have helped driving change and growth for our financial clients for years. By joining FINOS, we look forward to the opportunity to further tailor ourselves to the needs of the financial industry.
FINOS also welcomes its newest Associate Member, The Digital Dollar Project, a leading private-public partnership advancing the study and exploration of the potential U.S. central bank digital currency (CBDC), an initiative recently undertaken by FINOS . announced his support for Davo.
“New developments in fintech, including CBDCs, have the power to transform economies and connect people, government and businesses, locally and globally,” said Jennifer Lassiter, executive director of The Digital Dollar Project. . “We know that experimentation and information sharing are key to change, so we are excited to contribute open source solutions as a new addition to the vibrant FINOS community.”
The addition of new Gold, Silver and Associate members marks continued momentum in FINOS ’mission to encourage the widespread use of open source in all aspects of the financial services industry, strengthening its position as a leading organizations support the industry as they work together in important areas, such as interoperability, data standards and open source security.
Learn more about FINOS membership as a member, visit Membership Benefits Page. Meet the FINOS team in London on July 13 at their annual meeting Open Source in the finance forum.
FINOS (The Fintech Open Source Foundation) is a nonprofit organization whose mission is to encourage the use of open source, open standards, and collaborative software development practices in financial services. It is the hub for open source developers and the financial services industry to develop new technology projects that have a lasting impact on business operations. As a regulation-compliant platform, the foundation allows developers from these competing organizations to collaborate on projects with a strong propensity for pooling. It enables code based contributions from buy-side and sell-side companies and counts more than 50 major financial institutions, fintech and technology consultancies among its members. FINOS is also part of the Linux Foundation, the largest shared technology organization in the world. To join and join FINOS as a member.
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