Fintech Open Source Foundation Joins Linux Foundation To Accelerate Development Across Financial Services

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  • The Linux Foundation will acquire the FINOS operating assets
  • FINOS presently has more than 30 member organizations and over 300 contributors

The Linux Foundation and the Fintech Open Source Foundation (FINOS) have announced that FINOS will become a Linux Foundation organisation. FINOS is a non-profit which aims to accelerate adoption of open source software, standards and best practices in financial services. The Linux Foundation will acquire the FINOS operating assets.

Jim Zemlin, executive director at the Linux Foundation said, “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.”

Open source and standards within the financial services industry

The Linux Foundation will position FINOS as its umbrella project. Through it, it will 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. FINOS presently has more than 30 member organisations and over 300 contributors.

FINOS said that it has been instrumental in bringing key industry stakeholders together around open source contribution. It will be able to expand and accelerate that work through the global open source community and Linux Foundation’s services and resources.

Gabriele Columbro said, “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.”

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