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NEW YORK CITY - Microsoft (NASDAQ:MSFT) has become the first cloud service provider to join the Governing Board of the Fintech Open Source Foundation (FINOS), a collaboration aimed at fostering open source innovation within financial services. The announcement was made on Wednesday, marking Microsoft’s upgrade to Platinum membership and reinforcing its commitment to the foundation’s goals.
By stepping up to the Governing Board, Microsoft, alongside GitHub, aims to further FINOS’ mission of enabling secure and standardized open source solutions in the global financial industry. Allison Nachtigal, Vice President and Azure Chief Product Officer at Microsoft, will represent the tech giant on the board, indicating a significant move towards deeper cross-industry collaboration.
FINOS, which operates under the Linux Foundation, has been a platform for developers from competing financial institutions to work together on projects that push forward business operations. This move by Microsoft is expected to accelerate initiatives that promote compliant adoption of open source, cloud, and AI technologies in the sector.
Madeleine Dassule, FINOS Chair and Executive Advisor, emphasized the importance of cloud service providers in the digital transformation of the financial industry, particularly with the emergence of Generative AI. The support of tech giants like Microsoft is seen as beneficial for the adoption of FINOS standards such as FDC3, CDM, and CCC (WA:CCCP) in financial services.
GitHub’s ongoing involvement with FINOS reflects its central role in the industry’s embrace of open source software. With Microsoft’s increased support, both companies are poised to drive the development of open frameworks and partnerships that address the regulatory and operational complexities of modern finance.
The collaboration between Microsoft, GitHub, and FINOS will focus on key initiatives such as the AI Governance Framework (AIGF) and Common Cloud Controls (CCC), contributing to the governance and standardization of AI and cloud technologies.
This enhanced partnership is based on a press release statement and represents a strategic step for Microsoft and GitHub in shaping the future of open source software in the financial services industry.
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