RCS - FINOS - FINOS Welcomes New Governing Board Leadership

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RNS Number : 7642W  FINOS  27 August 2025

FINOS Welcomes New Governing Board Leadership and Global Industry Members to
Accelerate Innovation Through Open Collaborations on Cloud Compliance, AI
Governance, and Industry Interoperability

New members Accenture, Commonwealth Bank of Australia, EQTY Lab, FossID,
Hitachi, Tetrate and Tokenovate reflect the growing demand for truly open,
industry-wide, broadly supported software and standards across financial
services.

NEW YORK CITY, NY / ACCESS Newswire (https://www.accessnewswire.com/)  /
August 27, 2025 / The Fintech Open Source Foundation (FINOS)
(https://pr.report/do9r) , the financial services umbrella of the Linux
Foundation, today announced the appointment of Bhupesh Vora (RBC Capital
Markets) as Chair and Sitija Sarkar (BlackRock) as Vice Chair of the FINOS
Governing Board (https://pr.report/do9s) . This is alongside the addition of
new members from across the industry - spanning global banks, system
integrators, technology providers, fintech innovators, and infrastructure
specialists - each bringing unique perspectives and expertise to advance open
source adoption in financial services. These developments signal FINOS'
deepening alignment with top-tier global financial institutions and the
broader financial services ecosystem, and reflect the accelerating pace at
which open source is becoming foundational to how the industry functions,
innovates, and manages risk.

"As we enter this next chapter, we aim to embed open source into the core
operating fabric of global finance-not just as a technology strategy, but as a
business imperative," said Bhupesh Vora, Chair of the FINOS Governing Board
and Head of Quantitative & Technology Services Europe, RBC Capital
Markets. "Our five-year vision is ambitious but actionable: by 2030, FINOS
technologies and standards will be essential components of the industry's core
platforms, workflows, and regulatory frameworks."

FINOS' new strategic focus, outlined in a Chairman's Letter from Bhupesh Vora
(https://pr.report/do9t) , reflects the shift from the now largely achieved
"open source readiness" of the financial services industry to delivering
measurable return on investment (ROI) through open source. This will involve:

·      Expanding Cross-Industry Collaboration: FINOS open
collaborations to deliver value across the full financial ecosystem - from
sell-side, buy-side, clearinghouses, and exchanges to regulators, cloud
providers, and fintech innovators - to the business through production-ready
projects like FDC3 (https://pr.report/do9u)  and the Common Domain Model
(https://pr.report/do9v)  and initiatives at the forefront of innovation in
areas like open source AI.

·      An Open Source AI-Powered Industry: Enabling financial services
to accelerate adoption of AI ROI through the FINOS AI Governance Framework
(https://pr.report/do9w)  and the Common Controls for AI Services
(https://pr.report/do9x)  (CC4AI), and by hosting open source AI
collaborations on precompetitive use cases, benefitting the whole industry.

·      Addressing tech risk through Open Source: Driving secure and
interoperable cloud adoption through the Common Cloud Controls initiative,
developed in early, "shift-left" collaboration between cloud service providers
and banks to embed compliance, security, and interoperability from the outset.

·      Open Standards for Business Efficiency: Expanding adoption of
open standards like FDC3 (https://pr.report/do9y)  and CDM
(https://pr.report/do9z)  to reduce time to market, streamline workflows, and
enable interoperability - while also supporting industry priorities such as
physical risk management and sustainability-aligned investing.

These pillars form the foundation for FINOS' commitment to supporting secure,
compliant, and impactful open source technology solutions throughout financial
services.

"Open source is fundamental to financial services," added Sitija Sarkar, Vice
Chair of the FINOS Governing Board and Technical Fellow & Managing
Director at BlackRock. "Across financial services, we are seeing the potential
of open standards, like FDC3, and the broader applicability for such
standards, especially as it relates to buy-side. These opportunities can
provide significant business value that extend beyond FDC3. I'm excited to
support FINOS in scaling that value."

In addition to new leadership roles, FINOS is also welcoming two new Governing
Board Gold Representatives: Johnna Powell, Managing Director and Head of
Technology, Research and Innovation at The Depository Trust & Clearing
Corporation (DTCC), and Dietmar Fauser, Chief Information Officer at Symphony,
reinforcing the board's expertise and strategic direction.

"DTCC has long recognized the power of open source to drive industry-wide
efficiencies and innovation," said Johnna Powell. "By joining the FINOS
Governing Board, I look forward to working with peers to advance standards and
solutions that will benefit the entire financial ecosystem."

"At Symphony, we contribute to open source as a fundamental part of promoting
modern and shared solutions, especially in secure, seamless, and scalable
communication and workflow solutions across financial services," said Dietmar
Fauser. "I'm excited to contribute to FINOS' mission and help shape the
frameworks and tools that will define the next decade of financial
technology."

A Broader Coalition: Strategic Members Join FINOS

With open source gaining ground as the infrastructure layer of modern finance,
new members are joining FINOS to solve real-world challenges through open
collaboration: from accelerating transformation at scale and driving digital
modernization, to building trusted digital asset infrastructure, advancing
cloud interoperability, and ensuring software compliance across increasingly
complex supply chains. FINOS continues to attract a broad spectrum of
organizations-from banks and buy-side firms to infrastructure providers and
regulatory advisors - as is reflected in this latest wave of new members:

Accenture (https://pr.report/doa0)

As a global leader in financial services consulting and reinvention,
Accenture's involvement is expected to drive open source adoption at scale
across client institutions.

Michael Abbott, Accenture's Banking & Capital Markets industry group lead,
said: "Accenture is proud to join the Fintech Open Source Foundation. We
believe that open source is a key foundation of the banking infrastructure
that helps drive innovation, reduce costs, and enhance cybersecurity. FINOS'
mission of encouraging members to share common technologies across banks is a
major catalyst for the future of banking."

Commonwealth Bank of Australia (https://pr.report/doa1)

As one of the largest banks in the Asia-Pacific region, CBA's engagement with
FINOS signals increasing global interest in collaborative standards, secure
cloud adoption, and industry-wide innovation.

"Open source is a vital part of how we accelerate transformation at scale, and
the success of the modern AI powered cyber, data, engineering, and digital
infrastructure. Through FINOS, we see an opportunity to contribute to shared
industry solutions that enhance interoperability and resilience in finance" -
Brendan Hopper, GM CIO Technology Distinguished Engineer at Commonwealth Bank
of Australia

FossID (https://pr.report/doa2)

Specializing in open source license compliance and software supply chain
integrity, FossID brings essential expertise to the foundation.

"Since our inception, FossID has been committed to fostering open source
adoption. Joining FINOS allows us to contribute to an ecosystem where
compliance, security, and transparency are not just goals-they're built-in."-
Stuart Dross, CEO, FossID.

EQTY Lab (https://pr.report/doa3)

EQTY Lab brings deep expertise in creating new layers of trust, transparency,
and collaboration around AI data, models, and agents, helping financial
institutions confidently adopt and scale responsible AI solutions.

"At EQTY Lab, we are committed to building trust and transparency into the
rapidly evolving world of AI," said Jonathan Dotan, Founder at EQTY Lab. "By
joining FINOS, we can collaborate with global peers to create open, verifiable
frameworks for AI data, models, and agents - enabling compliant and secure
innovation that meets the complex needs of the financial services industry."

Hitachi (https://pr.report/doa4)

Hitachi's membership supports Japan's financial sector as it modernizes
through digital and open cloud strategies.

"As a member of FINOS, Hitachi will share regulatory best practices of
security with the Japanese financial sector, and we are willing to contribute
to FINOS projects by applying insights of authentication and authorization
from our work on the CNCF Keycloak project." Yuichi Nakamura, Head of OSPO,
Hitachi

Tetrate (https://pr.report/doa5)

Tetrate brings deep expertise in securing complex service mesh architectures
and is actively engaged in FINOS' Common Cloud Controls initiative and AI
Governance work.

"At Tetrate, we're excited to bring our deep expertise in Envoy and securing
microservices using NIST standards to the collaborative development of AI
controls that address the complex regulatory and operational demands of the
financial sector." - David Wang, Head of Products, Tetrate

Tokenovate (https://pr.report/doa6)

Tokenovate is focused on the evolution of smart contracts and digital asset
infrastructure. Their interest in FINOS initiatives like CDM reflects the
importance of shared pre-trade and post-trade infrastructure.

"At Tokenovate, open standards and collaboration are key to our mission," said
Richard Baker, Founder and CEO. "As one of the leading implementers of the
Common Domain Model, we're proud to support its adoption and evolution,
particularly in tokenised assets through our work with FINOS. It's exciting to
contribute to shaping the future of financial technology alongside such a
vibrant community."

Together, these new members underscore how open source is now a strategic
driver across financial services - from shaping regulatory transformation and
enabling industry-wide interoperability, to strengthening operational
resilience and fostering innovation at scale.

These pillars directly address the industry's most urgent challenges and
position FINOS as the trusted home for building safe, scalable, and
high-impact open source solutions in financial services that consistently
deliver business and technology ROI to all industry participants.

About FINOS

FINOS (The Fintech Open Source Foundation) is a nonprofit whose mission is to
foster the adoption of open source software, standards, and collaborative
development practices in financial services. As part of the Linux Foundation,
FINOS provides a regulatory-compliant platform for developers from competing
organizations to collaborate on innovative projects that transform business
operations. With over 100 members spanning major financial institutions,
fintechs, and technology consultancies, FINOS is at the forefront of driving
open source innovation in finance. Get involved (https://pr.report/doa7)
 and join FINOS (https://pr.report/doa8)  as a Member. To stay up to date
on FINOS news, events, podcasts, blogs, and more, sign up here
(https://pr.report/doa9) .

Learn more at www.finos.org (https://pr.report/doaa) .

Media Contact:

Patrick Doherty

Head of Corporate Communications, FINOS
patrick.doherty@finos.org (mailto:patrick.doherty@finos.org)

+1 (206) 245-8574

SOURCE: FINOS / The Linux Foundation

 

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