Fintech Open Source Foundation (FINOS) Adds New Members

The Fintech Open Source Foundation (FINOS), the financial services umbrella of the Linux Foundation, announced the addition of seven new corporate members, which “include REGnosys, Blockchain Technology Partners (BTP), ControlPlane, Luxoft, The RegTech Association, Peer Nova, and Mifos.”

FINOS now “works directly with 64 contributing members, driving the global open source movement across the financial services industry.”

In addition to FINOS’ larger community, these new members will “join together in New York City on December 8th for the annual Open Source in Finance Forum (OSFF).”

The continuous addition of new members on a global scale “signifies FINOS’ surmounting position as the leading proponent of the open source movement and driver of unified standards across financial institutions, regulators, technology providers, blockchain, security companies, and more.”

These organizations “play a critical role in fueling key efforts across regtech, financial inclusion, data connectivity, and IT development, signifying the growing role of open source for all industry constituencies.”

From startups to established entities around the world, FINOS maintains “a 30% increase in new members year-over-year, facilitating an ecosystem of over 1500 contributors.”

Following the announcement of the Linux Foundation Europe, which is being led by FINOS’ Executive Director Gabriele Columbro, FINOS continues “to enable growth of open source adoption across western institutions.”

The addition of new regulatory members reinforces key initiatives “across Open RegTech, the ISDA Common Domain Model (CDM), and the Compliant Financial Infrastructure.”

Jane Gavronsky, Chief Technology Officer of FINOS, stated:

“We are thrilled to see the continued momentum in our growing ecosystem of diverse members, both domestically and internationally. Over the course of the last year, we’ve dedicated an abundance of resources to increasing support and contribution across essential areas like Open RegTech and the ISDA CDM. As an organization, we are proud to welcome these members and further our work toward global collaboration.”

The new members reportedly include:

REGnosys, a collaborative low⁠-⁠code platform for regulatory reporting, “joins as a Silver member based in London and will focus on the contribution of its Rosetta platform, as well as support to other FINOS projects.”

Leo Labeis, CEO at REGnosys, said:

“We’re proud to be the first RegTech software business to become a FINOS member. Our Rosetta platform has been supporting the development of the Common Domain Model, of which FINOS will become the custodian, and the ground-breaking Digital Regulatory Reporting (DRR) programme. DRR is fully aligned with the work of the FINOS Regulation Innovation Special Interest Group, which is leveraging open source to streamline the interaction between regulators and regulated firms, and REGnosys is committed to continue to contribute to that group.”

For more details on this update, check here.

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