The Linux Foundation has agreed to acquire the Fintech Open Source Foundation (FINOS) and will allow the group to operate as an umbrella project; FINOS is a nonprofit to help drive the adoption of open source software and standards in financial services; FINOS has 11 programs, 30 financial services and tech members, more than 300 contributors and 75 open source repositories; “Over the last few years, FINOS successfully created a community of buy-side, sell-side, fintech and tech companies who work together on a wide range of open source projects and standards,“ said Dov Katz, FINOS Vice Chairperson and Distinguished Engineer at Morgan Stanley, to TearSheet.“Joining the Linux Foundation will extend our pool of partners, talented developers and engineers dedicated to solving similar problems, and will help the community innovate even faster,” he said; the trend of open source development has been on the rise in fintech and big banks like Citi, Goldman Sachs, JPMorgan Chase and Capital One have joined FINOS to further drive adoption amongst traditional firms. TearSheet
