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Sumitomo Mitsui Financial Group Joins the Open Invention Network Community

Written by Customer Service on . Posted in Mergers And Acquisitions.

DURHAM, N.C., June 23, 2020 (GLOBE NEWSWIRE) — Open Invention Network (OIN), the largest patent non-aggression community in history, announced today that Sumitomo Mitsui Financial Group, Inc. (SMFG) has joined as a community member. SMFG is one of the largest financial institutions headquartered in Japan, with an established presence across all consumer and corporate banking businesses. Focused on digital innovation through fintech and open innovation, SMFG harnesses open source technology to meet its clients’ financial needs. By joining OIN, SMFG is demonstrating its commitment to patent non-aggression in open source software (OSS), a key component in its banking platforms and applications.
“The financial services and fintech industries are increasingly relying on open source technologies, including blockchain technologies such as Hyperledger. Global leaders that recognize the benefits of open source technologies are building robust feature-rich platforms to make them more effective for commercial and consumer clients,” said Keith Bergelt, CEO of Open Invention Network. “We are pleased that SMFG has joined our community and committed to patent non-aggression in Linux and adjacent open source technologies.”SMFG stated, “As a global solutions provider that grows with customers and society through the highest level of trust, SMFG is committed to creating businesses that transcend the boundaries of finance and resolving issues. In order to further promote this effort and quickly deliver high added-value services to our customers and society, SMFG believes that the utilization of open source software will be essential. Also, in promoting OSS utilization, SMFG believes that measures to protect intellectual property rights are important. Through joining the OIN, SMFG hopes to deepen our understanding of the OSS community and contribute to the development of OSS.”OIN’s community practices patent non-aggression in core Linux and adjacent open source technologies by cross-licensing Linux System patents to one another on a royalty-free basis. Patents owned by OIN are similarly licensed royalty-free to any organization that agrees not to assert its patents against the Linux System. The OIN license can be signed online at http://www.j-oin.net/.About Hyperledger
Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration including leaders in finance, banking, healthcare, supply chains, manufacturing and technology. Hyperledger hosts many enterprise blockchain technology projects including distributed ledger frameworks, smart contract engines, client libraries, graphical interfaces, utility libraries and sample applications. All Hyperledger code is built publicly and available under the Apache license. The Linux Foundation hosts Hyperledger under the foundation. To learn more, visit https://www.hyperledger.org/.About Sumitomo Mitsui Financial Group, Inc. (SMFG)
SMFG is one of the largest financial institutions headquartered in Japan, with an established presence across all consumer and corporate banking businesses. Through the subsidiaries and affiliates, SMFG offers a diverse range of financial services, including commercial banking, leasing, securities, credit card, consumer finance and other services. SMFG’s consolidated total assets were ¥ 212.4 trillion as of December 31, 2019.About Sumitomo Mitsui Banking Corporation (SMBC)
SMBC is a commercial banking entity within SMBC Group and is one of the largest commercial banks globally on the basis of total assets. It provides an extensive range of corporate and consumer banking services in Japan and globally.About Open Invention Network
Open Invention Network (OIN) is the largest patent non-aggression community in history and supports freedom of action in Linux as a key element of open source software (OSS). Patent non-aggression in core technologies is a cultural norm within OSS, so that the litmus test for authentic behavior in the OSS community includes OIN membership. Funded by Google, IBM, NEC, Philips, Sony, SUSE and Toyota, OIN has more than 3,200 community members and owns more than 1,300 global patents and applications. The OIN patent license and member cross-licenses are available royalty-free to any party that joins the OIN community.For more information, visit http://www.openinventionnetwork.com.Media-Only Contact:Ed Schauweker
AVID Public Relations for Open Invention Network
ed@avidpr.com
+1 (703) 963-5238

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