Foreword Since we published the inaugural State of Open Source in open community fall in place, with the wheels of innovation Financial Services report in October 2021, a wave of accel- spinning faster and faster in our ecosystem. eration in the adoption of open source has swept across the Fintech Open Source Foundation (FINOS) community and This anecdotal evidence made me even more curious about the financial services sector. Adoption not only in the sense of this year’s report, which is our very first opportunity to consumption of open source software, but the adoption of open quantify year-over-year growth of open source in the global collaboration and open governance as prime “coopetition” financial services and fintech landscape. I was very pleased models for all industry constituents to drive their objectives. In to see a significant increase in both the number of commits tandem, the industry has made great strides in addressing long- and the number of open source repositories financial services standing interoperability and innovation challenges. are actively engaged in, confirming that institutions are dras- tically investing in open source projects, and the perception During the last 12 months, more than 20 financial institu- of value continues to increase. These are only some of the tions—on the sell side and buy side, and across commercial headlines of what I think are a fantastic testament to the and retail banking—have established Open Source Program work and commitment across the financial services industry Offices (OSPOs), a fundamental pillar of mature corporate in general and the FINOS community in particular. engagement in open source best practices. In the wake of Having spent the last few years advocating for and evange- Log4Shell, we saw the financial services industry react lizing the industry on why and then how stakeholders should more swiftly and efficiently than any other industry to engage in open source, I can proudly and confidently say address a potentially massive vulnerability, and for good that open source in financial services is here to stay. I have reason, including amping up investments in global efforts, no doubt that it will continue to revolutionize this industry as such as OpenSSF, to secure our software supply chain. it has all other industries undergoing digital transformation. But it’s not just about financial institutions. In the last year, I want to close by thanking our survey partners and, more we also saw the rise of VC-backed commercial open source importantly, our amazing FINOS and Linux Foundation fintech startups like Moov or OpenBB, and even a16z, now contributors and members. Without their support, we would openly talking about fintech as the next industry that open not be witnessing the significance and proliferation of open source will disrupt. Even regulators across the world are source in this industry. To everyone else, there’s a huge now acutely aware of the fundamental role that open source opportunity ahead of us, so if you are not yet part of this plays in financial services and beyond and are increasingly movement, now is the time to join and contribute to the open to collaboration. Finally, established industry consortia creation of the next generation of financial technology. and SDOs are now also recognizing open source as the most viable option to drive real adoption for their stan- Gabriele Columbro dards. Unquestionably, 2022 was the year in which we saw all Executive Director the building blocks for an organic, growing, and sustainable Fintech Open Source Foundation (FINOS) THE 2022 STATE OF OPEN SOURCE IN FINANCIAL SERVICES 3