With New Membership, Financial Open Source Community Continues to Grow Corporate Diversity to Build a Stronger Open Ecosystem

NEW YORK, NY / ACCESSWIRE / August 5, 2021 / Recent adoption of collaborative open source strategies across financial services and fintech is a direct result of the demand to solve business problems in order to stay competitive. The Fintech Open Source Foundation (FINOS) is the catalyst for this movement and today announced that five new members have joined the foundation, which is evidence of increased adoption. Sumitomo Mitsui Banking Corporation, CloudLinux, Digital Asset and EGAR Global join as silver members and Canadian RegTech Association joins as an associate member. Each organization provides unique value in different ways from regtech leadership to cloud innovation to distributed ledger technology for the financial open source community and will ultimately further adoption of open source strategies within the industry.

"With this membership expansion, we continue to generate momentum and a wider range of opportunities for firms to leverage open source to address long standing challenges within fintech and financial services. These new members demonstrate how our financial open source movement is on track and full steam ahead," said Gabriele Columbro, Executive Director of FINOS. "Our members represent the best and brightest in fintech, tech, consulting and financial services. We're incredibly proud to welcome more great innovators to our community."

Sumitomo Mitsui Banking Corporation (SMBC), one of Japan's leading banks and a member of SMBC Group, a top-tier global financial group, joins as a silver member to establish open source code policy within the bank.

"We are excited about the mission of FINOS and glad to be a part of their growth as a new Silver Member. Adoption of open source code presents a great opportunity for banks to drive innovation across the technology stack, accelerate time-to-market and free up resources to focus on value-adding initiatives," said Gordon Wilson, Chief Information Officer of SMBC Americas Division.

CloudLinux provides open-source Linux enterprise-grade technology to financial services. CloudLinux joins FINOS from its TuxCare security services to deliver on its mission and further strengthen the open source technology used within the industry.

'It is one of CloudLinux's fundamental corporate principles to be a committed contributor to the open-source community. Since its founding twelve years ago, CloudLinux has continually expanded its collaborations and integration in this community," said Jim Jackson, CloudLinux's President and Chief Revenue Officer." I see this commitment as a significant milestone in the company's continued aim of strengthening the open source technology used within the finance industry, promoting enhancements to robustness and security."

Digital Asset helps companies of all sizes get distributed applications to market faster. Digital Asset joins FINOS as a silver member to focus on driving open source adoption and redefining the end-to-end lifecycle of financial services functions through open source.

"Financial institutions are no longer competing on how they implement the components of their systems," says Eric Saraniecki, Co-founder at Digital Asset. "There is a core layer of commonality in routine workflows that are not market differentiators, making them well suited for open source. With organizations like FINOS driving this concept, we're on the right path to adoption."

EGAR Global, an enterprise no-code leader in Financial Services, joins FINOS as a silver member. As a member of FINOS, EGAR Global will continue to leverage modern technologies for financial services companies globally and adopt open source standards within the platform.

"EGAR Global is excited to join FINOS and do our part in promoting Open-Source Technology in this sector," said Gena Ioffe, Founder and CTO of EGAR Global. "As we expand our own Open-Source no-code development platform alongside the services and solutions we offer on it, we deeply value the advice we receive from FINOS and hope our EGAR NoCodeWorks platform will contribute to its mission of promoting a more open, more secure Financial Services IT landscape."

Canadian RegTech Association is a non-profit organization focused on solving regulatory challenges through collaborative efforts between RegTech stakeholders. The non-profit joins FINOS to foster collaboration and innovation throughout the financial regulatory landscape to create efficiencies and standardization.

"The FINOS Regulation Innovation SIG is a movement that has gained tremendous momentum in less than a year by championing a mission to achieve greater coordination and bring standardization to regulatory processes," said Paul Childerhose, Board Member of The Canadian RegTech Association. "The Canadian RegTech Association strongly endorses the premise that consensus-based open standards for common elements of regulatory reporting can be an enabler for enhancing the effectiveness and efficiency of both the regulatory supervisors and the regulated entities, which is a good outcome for customers, shareholders and the broader society as a whole."

FINOS membership has grown by 20.5 percent in the last six months. To learn more about how to get involved or become a member of FINOS, please visit FINOS' membership page. To participate in FINOS' inaugural 2021 State of Open Source in Financial Services survey, please visit the website.

About FINOS

FINOS (The Fintech Open Source Foundation) is a nonprofit whose mission is to foster adoption of open source, open standards and collaborative software development practices in financial services. It is the center for open source developers and the financial services industry to build new technology projects that have a lasting impact on business operations. As a regulatory compliant platform, the foundation enables developers from these competing organizations to collaborate on projects with a strong propensity for mutualization. It has enabled codebase contributions from both the buy- and sell-side firms and counts over 40 major financial institutions, fintechs and technology consultancies as part of its membership. FINOS is also part of the Linux Foundation, the largest shared technology organization in the world.

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SOURCE: FINOS