Open-source in finance. Okama project

1

Fred & Farid

There is an interesting paradox in fintech projects. It is hardly possible to find an area where more investments come. Therefore, the most advanced technologies are concentrated here: blockchain, AI, big data, etc. On the other hand, in the financial area one can found few well-developed open-source projects. There are such advanced commercial software products as the Bloomberg Terminal, special programming languages that were developed specifically for finance. But on GitHub you can count on the fingers popular open-source financial projects. The availability of financial data also lags other areas. Of course, there is an excellent World Bank open database. No less good is the FRED project of the US Federal Reserve. But such projects are unique and not very common. It is difficult to obtain up-to-date macroeconomic data. The historical market data is available only in paid subscriptions. In the 21st century almost every big company supports open-source projects, makes data available with open APIs... even Microsoft has changed its mind regarding open-source. But in finance, everything remains like it was in the 90s. Why is it so? Perhaps fintech projects are too focused on making quick money. For them, mythical unicorns are more important, and there is simply not enough time for topics like sustainable development. It seems to me that in financial projects, as well as in any other field, it is time to accept that a competitive edge is not about having some “secret” software and exclusive access to closed databases. The expertise and experience of the person who uses these software products should be the main value. And it is high time to make the data as open and free as possible.

#Development #Project Management #Marketing Platform 130 social mentions

2

Wordbank

There is an interesting paradox in fintech projects. It is hardly possible to find an area where more investments come. Therefore, the most advanced technologies are concentrated here: blockchain, AI, big data, etc. On the other hand, in the financial area one can found few well-developed open-source projects. There are such advanced commercial software products as the Bloomberg Terminal, special programming languages that were developed specifically for finance. But on GitHub you can count on the fingers popular open-source financial projects. The availability of financial data also lags other areas. Of course, there is an excellent World Bank open database. No less good is the FRED project of the US Federal Reserve. But such projects are unique and not very common. It is difficult to obtain up-to-date macroeconomic data. The historical market data is available only in paid subscriptions. In the 21st century almost every big company supports open-source projects, makes data available with open APIs... even Microsoft has changed its mind regarding open-source. But in finance, everything remains like it was in the 90s. Why is it so? Perhaps fintech projects are too focused on making quick money. For them, mythical unicorns are more important, and there is simply not enough time for topics like sustainable development. It seems to me that in financial projects, as well as in any other field, it is time to accept that a competitive edge is not about having some “secret” software and exclusive access to closed databases. The expertise and experience of the person who uses these software products should be the main value. And it is high time to make the data as open and free as possible.

#Online Games #Games #Puzzle Games 48 social mentions