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.

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

UnionPay focuses on Fintech innovation and is committed to building an open platform that provides integrated payment services with global influence. Under the frame of legal and regulatory compliance, we are pleased to provide service and conduct active cooperation. We look forward to working with OIN and community members to protect our global business and the open source projects that encourage innovation.  
UnionPayIntellectual Property ManagerUnionPay