"The nonprofit is in talks with regulators to determine where open source could ease regulatory burdens felt by financial institutions, while keeping them competitive with tech companies."
A recent article in Waters Technology, Rebecca Natale interviews FINOS Executive Director, Gabriele Columbro, to discuss the new FINOS initiative within open source and financial services: FinReg.
Here is an excerpt from that article:
The full article can be found here
“For as much as they want to move fast and break things like their tech peers out on the West Coast of the United States, financial services firms operate in a heavily regulated space. Gabriele Columbro, founder and executive director of the Fintech Open Source Foundation (Finos), says while the debate between regulation and deregulation will persist, the focus should be on streamlining the reporting process using newer, more sophisticated tools in conjunction with existing systems and in a collaborative way.
To that end, Open Source FinReg is an initiative created by Finos that aims to bring together financial institutions, technologists, and regulators to potentially build common data standards and platforms specific to financial regulation technology, though it is still early days, Columbro tells WatersTechnology.”