China encourages financial sector to use open source software • The Register

China has asked its financial sector to adopt free and open source software (FOSS).

A opinion of the People’s Bank of China and the country’s Cyberspace Central Administration basically comes down to “going for it”.

The document calls on Chinese financial industry players to use FOSS whenever they see fit, to contribute to FOSS projects, and to respect the licenses under which such software is released. Financial institutions are also encouraged to collaborate with technology companies, universities and other institutions on FOSS efforts.

China is particularly keen for its financial institutions to work on operating system, database, middleware, cloud computing, big data, artificial intelligence and blockchain projects.

Organizations are also urged to be vigilant, creating internal committees to assess the security of free software and reviewing software supply chains.

One of the document’s recommendations is that users should create contingency plans in case the FOSS is found to contain backdoors or security vulnerabilities. China also appears to be aware of litigation alleging that FOSS infringes patents, as the notice sets out steps users should take to mitigate the risk of intellectual property litigation.

It does not mandate FOSS, but strongly recommends participation in global efforts to create FOSS.

China has already had huge success with FOSS – its telecom and web giants like Baidu and Tencent are among the world’s biggest users of OpenStack and its existence has helped them all reach extraordinary scale in a very short time. .

The Middle Kingdom therefore has a very good example of FOSS bringing immense benefits, which makes these new edicts for the financial services community unsurprising. ®

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