The Rise of Open Source in Financial Services

๐Ÿ†• In this episode: Gabriele Columbro, The Rise of Open Source in Financial Services.   

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Episode Show Notes:

Open source is enhancing productive collaboration among the developer community, creating open source standards and enabling access to a greater talent pool. Data security and privacy concerns complicate open source leading to misconceptions about adopting this technology. Regulators should work with developers on setting open source standards as this makes everybody a winner. Compliance and open source code is good for financial institutions, tech companies and regulators. 

Fintech Open Source Foundation is bridging the gap in the financial industry by developing frameworks and standards. The finance industry is adopting open source because of reducing costs and meeting regulator standards. Fintech start-ups are using open source because of delivering value and acquiring more collaborative opportunities. Open source facilitates code of conduct by conforming to principles including responsibility, equity, traceability and governance.