Latest news with #FINOS
Yahoo
6 days ago
- Business
- Yahoo
The Linux Foundation Marks 2025 Momentum of LF India with Expanding Ecosystem, Engaged Communities and AI-Fueled Innovation
LF India Welcomes New Foundations and Announces Enhanced Infrastructure Investment at Inaugural Open Source Summit India Event HYDERABAD, India, Aug. 4, 2025 /PRNewswire/ -- Open Source Summit India --One year after its inaugural launch at KubeCon + CloudNativeCon India, LF India celebrates its first year of open source investment, engagement, and momentum across the Indian technology ecosystem. Joined by new foundations including AgStack, LF AI & Data, FinOps Foundation, FINOS, O3DE, and OpenInfra Foundation, LF India is now home to over a dozen active sub-foundations supporting vertical industries and horizontal technologies in the region - from cloud and security to blockchain, AI, and manufacturing. LF India has played a critical role in supporting India's Digital Public Infrastructure (DPI) mission, which is built on the principle of open, accessible, and interoperable systems. Supported by the first five foundations to join - CNCF, LF Decentralized Trust, LF Edge, LF Networking, and OpenSSF - LF India has helped to accelerate shared development across telecommunications, finance, blockchain, energy, cloud, and cybersecurity verticals. Today, this focus is expanding with new foundations into LF India, signalling momentum across global economic drivers including artificial intelligence, agriculture, and manufacturing. "With a wealth of developer talent, investment in open source at the highest level of government and benefits of major economic impact, India is well positioned to be a leader in open source innovation," said Arpit Joshipura, Head of LF India. "LF India exists to further this mission through strategic membership growth, upstream contributions and community activation." Since its launch in December 2024, LF India has: Welcomed six new sub-foundations in 2025, including AgStack, LF AI & Data, FinOps Foundation, FINOS, O3DE, and OpenInfra Foundation. Promoted and supported developer days and events, including webinars, meetups, and India's first OpenSSF Community Day. Enabled new India-led open source contributions across decentralized identity, secure finance, and digital trust through LF Decentralized Trust. Supported rapid regional growth in Kubernetes and cloud-native adoption, reflected by 362 in-person meetups,188 virtual events, and 45 active CNCF chapters. Innovated in the Telecommunication space with 5G and AI through IOS-MCN project as well as the LFN platinum Member Infosys contribution of cutting edge AI projects - Essedum and Salus to the Linux Foundation. Participated in the publication of LF Decentralized Trust – India 2025 ebook and Webinar highlighting LF Decentralized Trust's local members and India Regional Chapter: India's leadership in decentralized technologies: Innovation, collaboration and real-world impact Expanded education access with targeted training and sandbox labs designed to upskill India's fast-growing developer community. From Consumption to Contribution: A Call to Action India now hosts over 17 million open source developers on GitHub, representing a 28% increase—the fastest globally. But while consumption of open source in India is booming, strategic influence and contribution remain uneven. Through investment in training and local events, and supporting India-specific priorities through upstream collaboration, LF India is bridging the gap between participation and leadership. "To help move India forward as a global leader in open source, we are investing in the full spectrum of open source innovation and expanding from our foundational work in digital public infrastructure to new frontiers like AI, agriculture, and manufacturing," continued Joshipura. "Over the next year, LF India will expand deeper into vertical industries and critical infrastructure to grow India's role as a global contributor and strategic influencer." To learn more about LF India, visit Supporting Quotes AgStack"With over 17% of its GDP from Agriculture, India's food production and supply-chains are a critical national asset. AgStack Foundation @ LF India can provide the open source digital infrastructure for the next wave of efficiency, resilience and innovation in Indian Agriculture - across asset management / finance, automation, equipment/IoT, inputs, trading and production/agronomy - making it a model for all developing nations in the world" - Sumer S Johal, Executive Director, AgStack FinOps"India is one of the most strategically important regions for the global FinOps community: which focuses on maximizing the business value of cloud, AI and related technologies," said J.R. Storment, Executive Director of FinOps Foundation. As part of our deepening commitment, we're thrilled to welcome Ishita Vyas, India Community Lead, to support regional efforts and champion growth. With upcoming events and training programs tailored for India, we're excited to engage this vibrant ecosystem and accelerate FinOps adoption where it's already thriving." FINOS"India's financial services sector is undergoing rapid digital transformation, creating unprecedented opportunities for open source collaboration in fintech," said Gabriele Columbro, Executive Director of FINOS. "The regulatory focus on digital payments infrastructure and open banking creates natural alignment with FINOS's mission to accelerate adoption of open source standards in financial services. We're particularly excited to work with India's fintech ecosystem to advance common standards around data sharing, compliance automation, and risk management—areas where open source collaboration can drive both innovation and regulatory certainty." LF AI & Data"India's vibrant AI and data ecosystem is fueling innovation at a global scale," said Mark Collier, general manager, AI & Infrastructure, at the Linux Foundation. "By joining LF India, LF AI & Data is deepening our commitment to regional collaboration and enabling developers, researchers, and organizations across India to actively shape the future of open source AI. We're excited to support local innovation while strengthening global impact." O3DE"In the last several years, there has been a huge growth of game developers, simulation engineers and visualization experts in India," said Joe Bryant, Executive Director of Open 3D Foundation. "Since launching in 2021, O3DE has seen an increase of interest from firms, educational institutions and film studios in this market. In fact, we are excited to welcome the Indian Institute of Technology Madras, which joined Open 3D Foundation as a member last month. We look forward to collaborating with them and LF India to continue expanding global contributions, adoption of O3DE and help us to better serve the needs of this community." OpenInfra Foundation"Over the past 15 years, the OpenInfra India community has been instrumental in making OpenStack the de facto open source cloud software through regional events, board representation and upstream contributions. From the local community's consistent ranking as a top five OpenStack contributor to increased adoption due to the evolving infrastructure requirements for 5G and 6G networks, digital sovereignty initiatives and AI, we anticipate significant open source growth from this region," said Jonathan Bryce, executive director of the OpenInfra Foundation. "We are excited to join other open source leaders to accelerate contribution, adoption and overall market momentum to fully realize the open source potential in India." About The Linux FoundationThe Linux Foundation is the world's leading home for collaboration on open source software, hardware, standards, and data. Linux Foundation projects are critical to the world's infrastructure including Linux, Kubernetes, ONAP, OpenChain, OpenSSF, OpenStack, PyTorch, RISC-V, SPDX, Zephyr, and more. The Linux Foundation is focused on leveraging best practices and addressing the needs of contributors, users, and solution providers to create sustainable models for open collaboration. For more information, please visit us at The Linux Foundation has registered trademarks and uses trademarks. For a list of trademarks of The Linux Foundation, please see its trademark usage page: Linux is a registered trademark of Linus Torvalds. Media Contact:Natasha WoodsThe Linux Foundationpr@ View original content to download multimedia: SOURCE LF India
Forbes
6 days ago
- Business
- Forbes
How Open Source Is Transforming Finance
Ismail Amla, Senior Vice President, Kyndryl Consult. Once the domain of idealistic developers and technology companies, open-source software is now deeply embedded in Wall Street's core infrastructure. Even global banking institutions—a sector traditionally risk-averse and intensely protective of intellectual property—are now using code they don't entirely own. Open source has become a strategic imperative, impacting the ability to move faster, build better and attract top engineering talent. Across investment banks, retail institutions and payment firms, open-source tools and platforms are valued not just for reducing costs but driving innovation and freeing teams to focus on what sets them apart. A Growing Alliance To this point, the Fintech Open Source Foundation (FINOS), a nonprofit housed under the Linux Foundation since 2020, now counts more than 100 members, including key financial institutions such as Citi, JPMorgan Chase, Goldman Sachs, Morgan Stanley, along with tech titans such as AWS, Microsoft and Google Cloud. These firms have long adopted foundational components of open source, including the Linux operating system, MySQL and other open-source frameworks like MQTT. For some time, technologists at these companies have actively contributed to and maintained general open-source projects, including the Kubernetes container orchestration engine. From Contributors To Collaborators Fintech engineers and financial firms are increasingly collaborating on open-source, finance-specific tools to share the load of building complementary services, leaving those who don't at risk of falling behind. According to FINOS data, GitHub commits from financial services professionals jumped from 429,000 in 2021 to over 751,000 in 2024, roughly a 75% increase. The report also found that the amount of time engineers are spending on open-source contributions at work has doubled since 2021. As of 2024, 46% of organizations surveyed are allocating work time for open-source software development. This has yielded a growing list of open-source projects benefitting the finance community. Platforms like JPMorgan's Salt user experience solution and Goldman Sachs' Legend data life cycle platform were born inside individual firms, but once open-sourced, became catalysts for broader industry collaboration and evolution. Instead of every institution reinventing the wheel for non-differentiating capabilities, many are now pivoting to sharing the load. The New Standard Of Shared Standards Open source is also an efficient way to address industrywide standardization challenges that no single firm can or should solve alone. For example, the FDC3 standard has created an open API for financial desktop interoperability, enabling applications from different vendors to talk to each other. The financial services community came together to create the Common Domain Model, which has become a widely accepted open standard for harmonizing data for trading, reporting and compliance. These open standards help reduce integration costs, improve transparency and future-proof core systems in the face of changing regulation and technology. A Magnet For Top Engineering Talent These open standards also play a critical role in the race to attain the brightest and best. Open source has become essential to attracting and retaining engineering talent, and public code contributions give engineers portable, verifiable credentials that help strengthen their career mobility. At the same time, developers value the ability to work on impactful tools used across the industry, not just behind corporate firewalls. Standardized toolchains and common frameworks also increase skills portability. Developers moving between firms can ramp up faster, reducing retraining costs and making teams more productive. This is a major reason why many financial services companies now view open-source participation as a requirement. Other Benefits The earlier cited FINOS survey reported that 84% of survey respondents say open-source work delivers business value and 88% say it improves software quality. Concerns about open-source security have largely subsided due to the dominance of Linux as the operating system of choice, with the concurrent development of open-source security practices that, likewise, share the burden and can even improve risk by empowering faster root cause analysis and quicker fixes. Goldman Sachs, Citi, Morgan Stanley, Bloomberg and others have institutionalized open-source policies through dedicated open-source program offices (OSPOs), shifting contribution and open-source development from an exception to a norm. By sharing the foundational burden, firms are left with more time and resources to focus on their special sauce: user experience, artificial intelligence platforms, execution algorithms and more. It's a striking shift with some irony: The most competitive firms in finance are collaborating on core infrastructure, so they can better compete where it really counts. Looking To The Future As competition heats up with numerous new entrants and an explosion of new service types, open source becomes even more critical within fintech. Just as cloud adoption became a table-stakes requirement a decade ago, open-source participation is quickly becoming a baseline requirement for speed, adaptability and talent retention. I encourage leaders within finance to find ways to contribute to open-source projects as a way to help shape and build them. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Yahoo
25-06-2025
- Business
- Yahoo
Banking industry, big tech unite to forge AI adoption guidelines
This story was originally published on CIO Dive. To receive daily news and insights, subscribe to our free daily CIO Dive newsletter. The Fintech Open Source Foundation, called FINOS, launched a coordinated effort to unite the banking industry and technology providers around vendor-neutral AI adoption standards for financial services companies, according to a Tuesday announcement. Several global banking heavyweights, including BMO, Citi, Morgan Stanley and RBC will work with hyperscalers AWS, Microsoft and Google Cloud to establish Common Controls for AI Services, the nonprofit industry organization said in the announcement. Goldman Sachs and Red Hat are also supporting the project. As the financial industry ramped up AI adoption, FINOS members formed an AI readiness working group to deliver the first draft of a risk mitigation framework last year. Those efforts are ongoing and will remain separate from the controls initiative, which will aim to produce a real-time compliance validation toolkit for developers, the organization said. In the absence of clear and consistent regulatory oversight of AI and its commercial use, banks are forging open-source adoption standards that can be applied across the financial industry. The mobilization around AI mirrors a successful campaign spearheaded by Citi to rationalize compliance, resilience and security standards for public cloud deployments. With broad support from financial services firms and technology providers, FINOS open sourced its Common Cloud Controls in October 2023. The protocol unified controls across major providers and created standard classifications for common cloud services and threats. Many of the cloud concerns FINOS addressed were also raised by the U.S. Department of the Treasury, which launched a Cloud Services Steering Group in May 2023 to establish a common lexicon for financial institutions and regulators and create safe migration roadmaps for the industry. The Treasury Department weighed in on AI adoption in banking, too, issuing a March 2024 report warning of cyber risks and recommending financial firms adhere to compliance with existing laws and regulations. While laws pertaining to transaction reporting, data privacy and other banking functions abound, the AI regulatory climate has cooled under President Donald Trump. The current administration, which has taken a laissez faire position on the technology, proposed a 10-year freeze on AI regulatory action by individual states. The moratorium was narrowly approved by the House of Representatives last month and cleared a procedural hurdle in the Senate Saturday. FINOS is hoping that clearer standards will clear a path for its members to scale the technology. 'This global collaboration reflects growing recognition across the financial ecosystem that proprietary or fragmented approaches are insufficient to address the shared challenges posed by AI adoption in regulated markets,' the organization said. Recommended Reading Businesses default to cloud for generative AI, accelerate migrations Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
