Over the past half a decade or so, financial technology or Fintech has gone on to become one of the world’s fastest growing industries. It has attracted high-level tech talents from all over the world, and it is perhaps a matter of time, the Fintech industry emerges as one of the biggest disruptors in the financial industry. On the other hand, many non-profit institutions have emerged as well, which try to harness the innovation that is needed to further develop the industry and one of the most influential ones is the Fintech Open Source Foundation or FINOS.
FINOS has managed to bring together some of the world’s most recognizable companies under one roof with the sole aim of developing the Fintech industry, and in a new development, it added four key members. The four-member include New York tech firm Axon, Indian information technology giant Wipro, Royal Bank of Canada and WhiteSource, a security platform. The addition of these four new members further expands FINOS’ footprint at a global level and makes it possible to harness the best of Fintech talent from all over the world. Tosha Ellison, a director of FINOS and in charge of ‘member success,’ stated, “We pride ourselves on bringing together expertise from companies across financial services, the open source community, technology firms and others who support the industry. We are pleased to see our community grow across each knowledge area and welcome these forward-thinking partners.”
The addition of the Royal Bank of Canada is particularly major coups for FINOS, as the addition of an important bank could potentially turbocharge their operations in a much more effective way. Moreover, it is important to note that the Royal Bank of Canada has joined as a Platinum member and one of the bank’s managing director’s Kim Prado will join the board of FINOS. Prado is the head of banking and digital services technology at the bank, and he was optimistic about this new development. Prado said, “FINOS has been a fierce advocate for open source adoption and collaboration, and we look forward to working even more closely with the foundation to accelerate this great work by increasing our participation in FINOS programs and initiatives.”