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Global competition. Scalability. Data mobility. These — among other factors — are causing insurance companies to follow other leaders in Banking & Financial Services by turning towards Open Source & patent non-aggression.

Patent wars in Fintech are not just inevitable but are already happening & disputes between top financial organizations have forced Banks and Financial Services companies to rethink their patent strategies. They’re reconsidering their approach to patent defense. They must. They have billions of investment capital at stake & the industry is experiencing increased exposure to more patent disputes — Financial Services industry patent litigation by Non-Practicing Entities (NPEs) — from 2020 to 2021 — grew more than 100%, almost 3 times more than the next closest sector, which grew 35%.

The insurance industry realizes Open Source solutions are the only way to stay competitive, scale products, climb the ecosystem to actualize digital applications & foster data mobility. As such, insurance companies around the world are catching on, sharing this philosophy & moving forward with other industry leaders. They, too, are seeking solutions to protect their patent risks, are turning towards patent non-aggression, relying on Open Source — and are joining our community.

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Tencent is committed to offering high-quality, Internet-based services from social, games and digital content to mobile payment, cloud services, Internet financial services and smart retail solutions, among many others. Linux and open source are critical elements in the technologies that we are developing to provide these services. By joining the Open Invention Network, we are demonstrating our continued commitment to innovation, and supporting it with patent non-aggression in Linux.  
Xu YanSenior Account ManagerTencent Holdings Limited