Fintech is transforming the banking and financial services industry. It’s incorporating innovation and responding to consumers’ demands.

Banking and financial service firms are introducing digital payments, card less transactions, mobile deposits and other self-service options to Business-to-Business (B2B) and Business-to-Consumer (B2C) markets. Last year, the industry had over 1,700 deals with nearly $40 billion, reports CB Insights. Visits to bank branches are expected to drop 36% between 2017 and 2022, while mobile transactions are expected to grow 121%, according to The Financial Brand.

Gone are the days of big data. Here to stay are the businesses — including personal financial management, insurance, payment and asset management firms — which are leveraging open source applications to solve a host of problems, from exploring new technologies to delivering real-time services. Simultaneously, they are reducing costs, accessing top talent and receiving best-of-breed technologies.

Among the open source firms which have joined our network are AlibabaAnt Financial Services Group and Tencent Holdings.

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What our members say

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