Under the Linux Foundation, FINOS will provide a forum for industry-wide collaboration among the world’s biggest financial services firms and tech companies on fintech
The Linux Foundation, the nonprofit organization enabling mass innovation through open collaboration, and the Fintech Open Source Foundation (FINOS), a nonprofit whose mission are to accelerate the 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.
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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.
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“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.”
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