FINOS grows membership roster with Royal Bank of Canada, WiPro, WhiteSource, and Axoni

The Fintech Open Source Foundation (FINOS) announced that it has welcomed four new members that will help strengthen its global open source leadership position.

In its press release, Canada’s largest bank by market capitalization Royal Bank of Canada (RBC), Indian information technology, consulting, and business process services provider Wipro, open source security and license compliance management platform WhiteSource, and New York-based capital markets technology provider with specialization on decentralized finance infrastructure Axoni are the latest addition of FINOS’ growing roster.

RBC has registered as a platinum member and will see Kim Prado, its managing director, global head of CM client, banking and digital channels technology, join the nonprofit organization’s board of directors.

Wipro, as a new gold member, will provide advisory and help create scaled blockchain and open source solutions. It will also share its expertise on several FINOS programs including Financial Delivery Accelerator, Decentralized Ecosystem Growth program, and Open Source Readiness programs.

Meanwhile, silver members WhiteSource and Axoni will help harness members to the power of open source securely and provide financial open-source service solutions, respectively.

“Not only do these impressive new members add to our international presence, they each support fundamental parts of our foundation,” Tosha Ellison, director of member success at FINOS, said. “We pride ourselves on bringing together expertise from companies across financial services, the open source community, technology firms and others who support the industry.”

Formerly called Symphony Software Foundation, FINOS is an independent membership organization with Wall Street roots that aims to use open source innovation for fintech. Since last year, the Gabriele Columbro-founded organization has seen its number of members grew to more than 40%, proving the increasing opportunity of open source in the field of financial service.

As previously reported, the Financial Action Task Force (FATF) will release a note to clarify how participant nations should manage the digital assets sector, with new rules applicable to business dealing with tokens and cryptocurrencies, including crypto exchanges, custodians, and crypto hedge funds.