In a highly competitive market, financial services organizations and fintech companies face the challenge of evolving their technologies while maintaining a robust, secure, and compliant infrastructure. The role of open source software has become increasingly pivotal. At this exciting intersection of collaboration and regulation adherence, I have decided to join the Fintech Open Source Foundation (FINOS) as a Field CTO. This move is not just a career transition for me, it is a commitment to shaping the future of finance through the power of open source.
Author: Olivier Poupeney, Field CTO, FINOS
The Crossroads of Collaboration and Regulation
The financial industry is at a critical juncture. On one hand, there is a growing need for increasing collaboration and innovation to keep pace with technological advancements. On the other hand, regulatory compliance remains a non-negotiable aspect of the industry. Open source software stands at the crossroads of these two imperatives, offering a unique solution that can drive both innovation and compliance.
Open source fosters a culture of collaboration, where developers from different organizations can work together to define standards and create robust, secure, and efficient software solutions. This collaborative approach accelerates innovation and ensures that the software is thoroughly vetted, ready for future evolution and tested by a diverse community of experts with shared objectives. This approach has proven its benefits for decades, resulting in more than 80% of software installed on your phone or your computer being open sourced.
At the same time, open source can help address regulatory challenges. By adopting open source solutions, financial institutions can benefit from transparent, auditable codebases that can more easily meet regulatory requirements. This transparency can also facilitate better communication with regulators, leading to more effective compliance strategies.
The Role of a Field CTO at FINOS
FINOS, with the support of its parent organization, the Linux Foundation, plays a vital role in the financial services ecosystem. As a non-profit dedicated to promoting open source in finance, FINOS offers a robust ecosystem of projects that tackle major industry challenges. Notable projects like CDM, FDC3, CCC, and AI Readiness are designed to enhance collaboration and facilitate regulatory compliance. I strongly encourage exploring the wide range of projects under FINOS to accelerate your go-to-market strategy by leveraging the expertise and work already contributed by industry leaders.
Who is a Field CTO? A Field CTO is a multifaceted role that combines technical expertise, strategic thinking, and customer engagement to drive innovation and business growth. While this role is commonly found in startups and solution providers, it is equally valuable for organizations like FINOS, where it helps engage the community, demonstrate benefits to members and foster growth.
With my extensive engineering background, having created and promoted developer solutions for over 30 years, and my experience in the financial services industry—including my work at Symphony, where operational workflows between the buy-side and sell-side are paramount—I aim to leverage my expertise to drive the adoption of open source technologies within the financial industry.
Having been an alternate board member, a member of the technical oversight committee, and the lead ambassador for FINOS, I am well-positioned to bridge the gap between technology and business strategy from a developer's perspective. My role will complement the ongoing efforts of the current FINOS team, working closely with member organizations to identify opportunities for open source adoption, develop implementation strategies, and ensure these solutions meet regulatory standards. Additionally, I will focus on fostering a community of developers and contributors who are passionate about open source and its potential to transform the financial industry.
The Future of Open Source in Finance
The future of open source in finance is bright. As more financial institutions recognize the benefits of open source, we can expect to see a surge in adoption and innovation. This will not only lead to more efficient and secure financial systems but also create a more collaborative and inclusive industry.
I am excited to be part of this journey with FINOS. Together, we can harness the power of open source to drive innovation, ensure compliance, and shape the future of finance. The crossroads of collaboration and regulation is where the magic happens, and I am thrilled to be part of this transformative movement.
Join me and the rest of the FINOS team at the next All Community Call on Tuesday, December 17th at 11 am ET / 4 pm GMT as we discuss what’s to come in 2025!
Interested in FINOS open source projects? Click the link below to see how to get involved in the FINOS Community.
FINOS Good First Issues - Looking for a place to contribute? Take a look at good first issues across FINOS projects and get your feet wet in the FINOS community.
State of Open Source in Financial Services Report 2024 - Learn about what is really happening around open source in FSI.
This Week at FINOS Blog - See what is happening at FINOS each week.
FINOS Landscape - See our landscape of FINOS open source and open standard projects.
Community Calendar - Scroll through the calendar to find a meeting to join.
FINOS Slack Channels - The FINOS Slack provides our Community another public channel to discuss work in FINOS and open source in finance more generally.
Project Status Dashboard - See a live snapshot of our community contributors and activity.
Events - Check out our upcoming events or email marketing@finos.org if you'd like to partner with us or have an event idea.
FINOS Open Source in Finance Podcasts - Listen and subscribe to the first open source in fintech and banking podcasts for deeper dives on our virtual "meetup" and other topics.
