FINOS expands industry presence by joining the Linux Foundation

Red Hat is part of many communities, and one community that is important to us, and to the financial services industry, is the Fintech Open Source Foundation (FINOS). This community helps drive open source advancements geared specifically towards the unique needs of the financial services firms, accelerating innovation and collaboration through the adoption of open source software, standards, best practices and governance.

Red Hat joined FINOS as a Gold Member in spring of 2018, and Red Hat OpenShift is providing the underlying technology for the FINOS Open Developer Platform (ODP), one of the leading venues for community development within the financial services community.

Red Hat has also contributed its open source leadership experience to the Open Source Readiness Project, which provides governance and open source legal guidance to banks who are first participating in open source. Additionally, we’ve provided our experience and expertise in the hybrid cloud to help progress the Cloud Services Certification project under FINOS, which works to accelerate firms’ journeys to open source readiness.

Red Hat is also an active member of the Linux Foundation, which is dedicated to building sustainable ecosystems around open source projects, with the goal of accelerating technology development and adoption. The Linux Foundation was founded in 2000, and has helped to establish and build some of the most critical open source technologies in use. Additionally, it has expanded its work beyond Linux, to foster innovation at every layer of the stack.

As active participants in both of these communities, Red Hat is thrilled that FINOS has joined the Linux Foundation.

This is an important moment for both the financial services industry and open source organizations. As part of the Linux Foundation, FINOS can help provide a forum for widespread collaboration between financial services firms and providers, along with leading technology companies, working on projects that address desktop interoperability, data modelling, compliance and other issues crucial in the FinTech space. We expect this participation to further advance development of open source standards within the financial services industry.

We are excited about the future opportunities for our financial services customers. The financial services industry was one of the first to widely adopt the use of Linux, and Red Hat has helped firms leverage our enterprise open source technologies to optimize business processes, become more agile, and compete in an increasingly digital space.

We see the potential that the collaboration between these two communities, and across the open community spectrum, can bring to the industry as more organisations grow to understand that open source technology offers the abilities to foster innovation and increase transparency - while maintaining stability and security standards.

Red Hat plans to continue to support these communities, and we optimistically anticipate a bright future with the addition of FINOS as a participant in each.