- Sumitomo Mitsui Financial Group, Inc (SMFG) has joined the Open Invention Network Community as its member.
- Open Invention Network (OIN) is a patent non-aggression community which is known for supporting the freedom of action in Linux platforms.
- FinTech industries are heavily relying on open-source technologies, which includes Blockchain technologies like the Hyperledger.
Sumitomo Mitsui Financial Group, Inc (SMFG) has joined the Open Invention Network Community as its member. Open Invention Network (OIN) is a patent non-aggression community known for supporting the freedom of action in Linux platforms.
OIN is a Durham, NC based company which was found by IBM, Novell, Red Hat, Phillips and Sony. As of now OIN has issued over 1300 US as well as international patents and patent applications. And as of December of 2019 it reportedly had around 3,100 community members.
Introduction to the Hyperledger Blockchain Technologies
Keith Bergelt, the CEO of ONI said that many financial institutions as well as FinTech industries are heavily relying on open-source technologies. He further added that open-source technologies includes Blockchain technologies like the Hyperledger.
Companies are now starting to realise that open source technologies enable them to build feature rich platforms. These platforms could simply attract more clients. He also added that the OIN pleased with SMFG have become the member of this patent non aggression community.
Hyperledger based on open source, It combines the efforts to improve the cross industry Blockchain technologies. Hyperledger is known for many blockchain technology protocols. It includes DLT frameworks, smart contract engines, GUIs, utility libraries and much more.
A Brief Overview of SMFG and its Intention to Join OIN
Sumitomo Mitsui Financial Group, Inc (SMFG) is Japan’s multinational banking and financial services company. It’s headquarters are in Yurakucho, Chiyoda, Tokyo, Japan. As of now, SMFG has its operations in 40 different companies.
In addition to this, it has successfully maintained its presence in all International Financial Centres as the 12th biggest bank when it comes to total assets. Also, considered globally as one of the largest financial institutions in the project finance space with respect to the total loan value.
SMFG, fully focused on implementing all kinds of FinTech innovation as well as open innovation to meet the financial needs of its clients. Thus by joining the Open Invention Network Community (OIN), keen at unleashing its true intentions to copyright non-aggression in the Open Source Software (OSS). However, often considered a significant factor for the development of banking platforms and applications.
SMFG Wants to Contribute more to OSS
SMFG stated that as a global solutions provider that has gained immense trust from the users over the years. Hence, committed to make progress in the innovations and resolving problems. Hence for faster implementation and to quickly deliver value added services to the customers, open source technology needed.
They also acknowledged the measures for protecting intellectual property rights. Hence by this collaboration they believe that they can contribute to the OSS community more.