Fintech is transforming the financial services industry. It’s incorporating innovation and responding to consumers’ demands. FinTech firms are introducing digital payments, card less transactions, mobile deposits and other self-service options to Business-to-Business (B2B) and Business-to-Consumer (B2C) markets. Last year, the industry had over 1,700 deals with nearly $40 billion, reports CB Insights. Visits to bank branches are expected to drop 36 percent between 2017 and 2022, while mobile transactions are expected to grow 121 percent, according to The Financial Brand.
Gone are the days of big data. Here to stay are the businesses — including personal financial management, insurance, payment and asset management firms — which are leveraging open source applications to solve a host of problems, from exploring new technologies to delivering real-time services. Simultaneously, they are reducing costs, accessing top talent and receiving best-of-breed technologies.
The Fintech Open Source Foundation Joins Our Community
Technology is disrupting many industries, but is especially impacting financial services, which is in the midst of experiencing rapid changes driven by technical advancements. The Fintech Open Source Foundation (FINOS) — an independent membership organization which accelerates and enables collaboration through community driven projects and working groups focused solely on delivering technology solutions for banking and financial institutions — has joined our OIN community and Fintech members to encourage open source adoption.
FINOS believes that global financial organizations which embrace open source software, together with common standards, will be best positioned to capture the growth opportunities presented by a quickly evolving technological landscape. The organization has 11 programs driven by more than 30 financial services and technology members, 300+ community contributors and over 75 open source repositories.
Clovyr Works to Bridge Two Worlds — Cryptographically Sealed Databases and Virtual Money
OIN welcomes Amber Baldet and Patrick Nielson, co-founders of Clovyr —a new startup that aims to help consumers, developers and businesses explore world of blockchain-based, decentralized technologies — into our community. Their product, now under development, will be “something akin to an app store, where people and businesses can experiment with a multitude of decentralized apps and services, developer toolsets and underlying distributed ledgers,” according to an article in Fortune. The cofounders envision an ecosystem of applications and services — almost all open source —that empowers teams of all sizes to experiment and iterate more quickly, bring products to market that will run in a cloud or in an on-premises production environment, and enable new features as needs change, reducing potential rework and driving down the cost of innovation.
Clovyr will develop applications which make it easier to be smart about how data is collected, stored and disclosed, satisfy GDPR requirements, simplify the creation of privacy-preserving zero-knowledge substantiations and allow meaningful analysis of private data sets.
Union Pay Focuses on Fintech Innovation and Open Source
UnionPay focuses on Fintech innovation and is committed to building an open platform that provides integrated payment services with global influence. Under the frame of legal and regulatory compliance, we are pleased to provide service and conduct active cooperation,” said the Intellectual Property (IP) manager at UnionPay. “We look forward to working with OIN and community members to protect our global business and the open source projects that encourage innovation.
A leading multinational financial services corporation, UnionPay’s footprint has expanded to 174 countries and regions, covering more than 52 million merchants and over 2.6 million ATMs.
A Leading Provider of Internet Value-Added Services In China Joins OIN
China has retained its position as the world leader in patent applications, according to the World Intellectual Property (IP) Organization. In fact, Chinese companies and individuals submitted 40 percent of all patent applications last year.
We’re excited to announce another Chinese-based firm, Tencent Holdings Limited— a multinational investment holding conglomerate whose subsidiaries specialize in Internet-related services and products, entertainment, Artificial Intelligence (AI) and technology — has joined our community.
Major China FinTech Firm Joins Open Invention Network
“The e-commerce, computing and financial services industries are experiencing significant disruption, driven by global leaders that recognize the benefits of shared innovation which enables them to effectively differentiate their services higher in the technology stack,” said our CEO, Keith Bergelt. “We are pleased that Alibaba and Ant Financial have joined our community and committed to patent non-aggression in the core.”
Established in 2009, Alibaba Cloud, the cloud computing arm of Alibaba Group, is among the world’s top three Internet-as-a-Service providers, according to Gartner, and the largest provider of public cloud services in China, according to the International Data Corporation (IDC).
A global leader in financial technology (FinTech), Ant Financial and its partners served 870 million users worldwide in 2018.
Safeguarding Open Source and Blockchain’s Patent Landscape
Perhaps the greatest indication of blockchain’s value is the number of firms rushing to file Distributed Ledger Technology (DLT) patents. While the core technology is open source and in the public domain, complementary and supplementary technologies are being patented and there has been a “land rush” to develop and secure DLT-related patents.