Non-profit technology consortium, Linux Foundation, enabling mass innovation through open collaboration has announced that the Fintech Open Source Foundation (FINOS), a 501c6 non-profit, independent organization with the mission to accelerate the adoption of open-source software, standards and practices in financial services, will become a Linux Foundation organization. According to the announcement, Linux Foundation has agreed to acquire the FINOS operating assets. Gabriele Columbro, who is the executive director of the FINOS team, will join the Linux Foundation and continue his role.
FINOS will act as an umbrella project, through which the Linux Foundation will perform the development of open source and standards in the financial services industry. Joining the Linux Foundation is expected to provide a more significant forum for industry-wide collaboration, accelerating the delivery of open source software and standards that address pressing industry needs.
“FINOS has achieved tremendous growth across our project portfolio thanks to our 35 members and wider community. 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,” said Gabriele Columbro.
Open source technology plays a pivotal role in the advancements in the Financial service industry. Large and small FinTech firms have been leveraging open source to innovate, ranging from machine learning and artificial intelligence to cloud computing, decentralized networks and blockchain. FINOS foundation helps in bringing key industry stakeholders together around open source contribution and help expand and accelerate work through the global open source community and Linux Foundation’s services and resources.
FINOS is a community of developers, financial and technology industry leaders committed to making contributions that will enable open-source to flourish in financial services. The foundation has created a community of buy-side, sell-side, FinTech and technology companies working together on a wide range of open-source projects and standards. The community touts to have more than 30 member organizations, 300+ contributors and many open source projects delivering value to participants across the industry. Some of the programs and projects of FINOS include Perspective, FDC3, Hadouken, and FINOS ALLOY.
“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. We look forward to working with Gab, the FINOS team and its members as we together chart the future of global financial services collaboration,” said Jim Zemlin, executive director at the Linux Foundation.
Founded in 2000, the Linux Foundation has over 1,000 members. It plays a vital role in the creation of sustainable open source ecosystems, collaborating on open source software, open data, open standards, and open hardware. Some of its projects include Kubernetes, Linus, Node.js, Hyperledger, ONA and more.