The pioneer of the open source movement for financial services firms has increased its membership to 100+ as it aims high for 2025.
Grygo is the chief content officer for FTF & FTF News.
The open source movement among financial services firms, including those working in capital markets, under the leadership of the Fintech Open Source Foundation (FINOS) shows no sign of slowing down with the news last week that FINOS has more than 100 members — a year-over-year increase of 20 percent.
Some of the new FINOS members are: Ant Group and Thoughtworks joining as Gold members; and Artian A.I., G-Research, Here (formerly OpenFin), JUXT, Kosli, and Temporal joining as Silver members, officials say.
Just to recap, FINOS, which is part of the Linux Foundation, has made a commitment to foster “open source artificial intelligence for financials, advancing industry interoperability through open standards, and driving mutualization to address regulatory and sustainability challenges.”
FINOS recently released its vision for 2025 and its top priorities are:
- Mutualizing A.I. Adoption: “Building industry-wide, accepted governance frameworks and controls for compliant A.I. use in finance as well as the creation of true open source AI for financial services use cases;”
- Cloud security and industry connectivity standards: “Advancing open standards to enable secure and efficient cloud adoption across the industry as well as direct connectivity across market participants;”
- Regulatory Innovation: “Developing open source solutions to mutualize compliance with evolving global regulations;”
- Sustainability: “Supporting climate-aligned investing through open data standards and tools via its OS-Climate initiative;” and
- Global expansion: “Following Japan Securities Clearing Corp. (JSCC) and Ant Group joining respectively as the first Japanese and Chinese members of FINOS.”
In a quick look back, FINOS officials say their major achievements for 2024 were:
- A Deeper and Broader Member Base: “A 20 percent year-over-year increase in membership brought FINOS past the 100-member mark and also, saw our tent broaden cross-industry with contributions from buy-side firms, sell-side institutions, technology providers, and consultancies worldwide;”
- FDC3 Adoption: “Major buy-side and sell-side firms adopted FDC3 standards for application interoperability, including BlackRock’s Aladdin platform and Morgan Stanley’s ComposeUI;”
- I. Governance Framework: “The release of version 0.1 of the A.I. Governance Framework provided critical guidance for responsible A.I. adoption in financial services;”
- Business-aligned Initiatives: “The merger with OS-Climate expanded FINOS’ focus on climate-aligned investing, delivering direct business value to the front office through open data standards and tools;”
- Global Engagement: “Events like the Open Source in Finance Forum (OSFF) drew nearly 2,000 participants across New York and London, reflecting a growing global commitment to open source collaboration in finance.”
