Dear FINOS Community,
I hope you’re all doing well. So much is happening across FINOS, and I wanted to take a moment to share some exciting updates with you.
Gabriele Columbro
Recent Posts
The Why
How prepared do Financial Services Institutions (FSIs) feel regarding cloud native threat detection and response?
As part of its continuous effort to identify and address challenges across its member base, the Fintech Open Source Foundation (FINOS) and Silver member ControlPlane decided to focus on cloud native incident response readiness and address that question pragmatically and engagingly.
In late 2019 when Goldman Sachs announced its intention to contribute the Legend platform to FINOS, the news quickly made the rounds across the financial services industry.
The first, powerful hint at the benefits that all industry constituents, including regulators, could derive from this new platform and the open data model standardization it can foster, could be found in the Legend Studio Pilot FINOS ran in the early months of 2020. This pilot, which brought together data modelers from the sell-side, buy-side, regtech firms and industry associations like ISDA to collaborate on a neutrally hosted instance of Legend Studio to propose community-agreed amendments to the ISDA Common Domain Model which got approved by ISDA in record time. Heck, we even won an award for this effort.
By Gabriele Columbro, FINOS; Karen Ottoni, Hyperledger Foundation; and Jennifer Lassiter, The Digital Dollar Project
A 2022 open message from our FINOS Executive Director, Gabriele Columbro:
First off, I hope you all had a wonderful holiday period and I hope your 2022 started wonderfully for you and your families. Yes, I can't deny we all are probably more than a bit DONE with this pandemic, but on the other hand I hope the working from home routine helped you find a better work-life balance and rediscover the joy of spending time with your family. It surely was the case for me, and I hope you are able to find your silver lining, whatever it might be.
“L’unione fa la forza” (unity is strength) is one of the most common proverbs in the Italian language. Especially in this period, as the world re-discovers how important and powerful it is to collaborate across borders to solve an unprecedented challenge, it feels good to be part of a growing open source movement.
Author: Gabriele Columbro - Executive Director, FINOS
Please find video and slides from the April 9th, 2020 announcement at the end of this blog post.
As the world faces the unprecedented crisis posed by COVID-19 and adapts to a new reality made of remote workplaces and social distancing, I can’t avoid thinking every day how lucky we are to work in technology and, even more, how grateful we are to have born and been raised in Open Source technology.
Author: Gabriele Columbro - Executive Director, FINOS
In This Article
- With COVID-19 now upon us, many firms are having to suddenly shift to new patterns of remote, distributed work
- Open Source communities have been working in a remote, distributed, time-shifted way for decades and have been extremely productive
- Open Source is a safe harbor for shared technology investments in a context that requires even more efficiency and risk mitigation
- Post COVID-19, open source will make even more sense, not just for tech companies but for every industry
A lot has been going on in the FINOS Community over the last couple of months. So much that, until today, I haven't had a chance to stop and reflect on what our Community has accomplished in less than 7 months since FINOS, the Fintech Open Source Foundation, was launched.
Most importantly, I see that the progress our Community is making will positively impact the global financial services industry, from those who drive and deliver technology across the organizations to those, end users, who consume the services. We all benefit from the improvements and advancements that our open source Community is bringing to the financial services ecosystem.
The tl;dr is quite simple: our industry is increasingly eager and ready to embrace open collaboration as a prime way to deliver innovation and efficiency. It's time to catch up with, and maybe even surpass, Silicon Valley and there's an opportunity for all of you, companies and individuals, to benefit from this shifting paradigm and disrupt the way we build financial technology.
