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From Sally Khudairi ...@apache.org>
Subject The Apache Software Foundation Announces Apache® Fineract™ as a Top-Level Project
Date Mon, 24 Apr 2017 11:01:08 GMT
[this announcement is available online at https://s.apache.org/QvFR ]

Open Source FinTech system for core banking platform enables financial
services for billions of unbanked and underbanked individuals worldwide.

Forest Hill, MD –24 April 2017– The Apache Software Foundation (ASF),
the all-volunteer developers, stewards, and incubators of more than 350
Open Source projects and initiatives, announced today that Apache®
Fineract™ has graduated from the Apache Incubator to become a Top-Level
Project (TLP), signifying that the project's community and products have
been well-governed under the ASF's meritocratic process and principles.

The first Apache project developed from within the financial services
technology sector (known as "FinTech"), Apache Fineract is an Open
Source system for core banking as a platform. Fineract provides a
reliable, robust, and affordable solution for entrepreneurs, financial
institutions, and service providers to offer financial services to the
world’s 2 billion underbanked and unbanked.

"Core banking software is one of the oldest applications of digital
electronic computing. Apache Fineract's graduation as a Top-Level
Project is an important next step for Open Source into applications that
affect us all," said Myrle Krantz, Vice President of Apache Fineract.

Fineract was created at the Mifos (Micro Finance Open Source) Initiative
(a spin-off of the Grameen Foundation, launched by Dr. Muhammad Yunus,
the father of microfinance), which began to develop software in 2004 to
meet the demands of microfinance institutions (MFIs). In December 2015,
the Mifos Initiative submitted Fineract to the Apache Incubator.

"In many ways Fineract broke new grounds as an Incubating project at the
ASF," said Roman Shaposhnik, Apache Fineract Incubator Mentor, Director
of Open Source Strategy at Pivotal and Vice President Technology for
ODPi at Linux Foundation. It was the first project that was originally
developed by a non-profit: Mifos Initiative. It was the first project
with an extremely important social agenda in mind: speed up the
elimination of poverty. It was the first project that fully embraced the
next generation microservices architecture. But there's one thing that
gets me even more excited: how quickly the Fineract community embraced
'The Apache Way' of project governance. They truly made my job as a
mentor smooth sailing and I wish them to grow by leaps and bounds now
that they are a TLP at the ASF."

Apache Fineract can be deployed in any environment, whether Cloud or
on-premise, on- or offline, on mobile or PC. Fineract is extensible
enough to support any organizational type or delivery channel, and
flexible enough to support any product, service, or methodology. For any
organization, large or small, Apache Fineract will provide the client
data management, loan and savings portfolio management, integrated real
time accounting, and social and financial reporting needed to bring
digital financial services in a modern connected world.

"As the steward of the Open Source Mifos community since its inception
at the Grameen Foundation in 2006, I'm excited for the next phase of
growth and development for our ecosystem as it becomes a part of the
Apache community," said Edward Cable, President/CEO, Mifos Initiative.
"Organizations like Musoni Services and Conflux Technologies have blazed
a trail in showing others how to build sustainable and impactful
financial inclusion solutions on top of the Apache Fineract platform. I
look forward to cultivating and catalyzing new innovations for financial
inclusion amongst the developers across The Apache Software Foundation."

An array of organizations use Apache Fineract for rapid product
development, support for multiple lending methodologies, full range of
deposit products, and flexible calculation of interest, penalties, and

"In my role as CTO of Musoni I have been working in the Fineract
community since the very early days, and have seen the community and
platform grow to the mature state it is in today," said Sander van der
Heyden, CTO, Musoni. "We are using Fineract as one of the core
components for our cloud-based core-banking platform, which is currently
in use by over 90 MFI's across Africa. Together with the community our
team has collaborated on a large number of the features that are in the
platform today. We would not have been able to deliver these without the
advantages of working together with others in the community, sharing
experience, market knowledge and development capacity. The Fineract
community is in a truly unique position to have access to hands-on
knowledge of financial markets and products across almost all developing
markets worldwide and to combine these into the platform. Now that the
project is graduating we are hoping to see even more activity and growth
in the community, especially looking forward to new versions more
suitable for modern cloud based architectures, which are already in

"We are the innovation lab for Gentera in which we are devoted to create
new business models for the base of the pyramid, through internal
entrepreneurs working in specific projects and supporting and
collaborating with startups focusing on this market. We have used
Fineract because it allowed us to generate loans through its API in a
very flexible way, which enables us to offer a completely digitized
offer for our group loans clients," said Eduardo Lincona, Platforms
Subdirector at Fiinlab. "It has contributed to our success because on
our current core banking we were not able to create loans through an
interface, therefore it was impossible for us to offer a 100% digitized
experience for them. This functionality allowed us to test whether it is
feasible to offer a digital loan to our customers. The community is very
wide and has many on line materials, in addition Aleks, who has been our
consultant, has done a tremendous work allowing us to react very quickly
to the demands of our customers."

"Apache Fineract's breadth of functionality and ease of extensibility
has enabled us to leverage the same for building 'Finflux', a next
generation core-banking system serving multiple sectors of the financial
services industry including digital banks, fin-tech lenders,
microfinance institutions, co-operatives, credit unions, self-help
groups and business correspondents," said Vishwas Babu, CTO of Conflux
Technologies. "Engineers at Conflux have been deeply involved with
Apache Fineract since its inception, and we look forward to continue
contributing our mite towards the project's success."

"For many years, technology had been a barrier to our rapid expansion
plans," said Samit Shetty, Director of Chaitanya India Fin Credit Pvt.
Ltd. "With the help of Conflux Technologies and their solutions which
are powered by Apache Fineract, technology is now our primary business

"With the help of Conflux Technologies, we moved from a manual system to
a core banking solution powered by Apache Fineract to consolidate varied
groups to follow our standardized procedures and reduce reporting delays
and efforts by 40%," said Ruhiu (Gathogo) John, ICT Officer at Caritas

"To fully participate in the digital world, all people need access to
banking services and electronic money," said Paul Maritz, an industry
executive and investor, and a long-time supporter of Mifos.org and
Fineract. "Open Source is playing an increasingly important role in
today’s software world, and Fineract is an important foundation to
enable access by all to the digital world."

"The Apache Fineract community is proud to provide code which helps
institutions extend banking services to the poorest of the poor, thus
helping them to lift themselves out of poverty," added Krantz. "We
welcome contributors who want to support the Fineract technology, from
the Fineract code itself, to documentation, and best practices

Availability and Oversight
Apache Fineract software is released under the Apache License v2.0 and
is overseen by a self-selected team of active contributors to the
project. A Project Management Committee (PMC) guides the Project's
day-to-day operations, including community development and product
releases. For downloads, documentation, and ways to become involved with
Apache Fineract, visit http://fineract.apache.org/ and

About the Apache Incubator
The Apache Incubator is the entry path for projects and codebases
wishing to become part of the efforts at The Apache Software Foundation.
All code donations from external organizations and existing external
projects wishing to join the ASF enter through the Incubator to: 1)
ensure all donations are in accordance with the ASF legal standards; and
2) develop new communities that adhere to our guiding principles.
Incubation is required of all newly accepted projects until a further
review indicates that the infrastructure, communications, and decision
making process have stabilized in a manner consistent with other
successful ASF projects. While incubation status is not necessarily a
reflection of the completeness or stability of the code, it does
indicate that the project has yet to be fully endorsed by the ASF. For
more information, visit http://incubator.apache.org/

About The Apache Software Foundation (ASF)
Established in 1999, the all-volunteer Foundation oversees more than 350
leading Open Source projects, including Apache HTTP Server --the world's
most popular Web server software. Through the ASF's meritocratic process
known as "The Apache Way," more than 620 individual Members and 6,000
Committers successfully collaborate to develop freely available
enterprise-grade software, benefiting millions of users worldwide:
thousands of software solutions are distributed under the Apache
License; and the community actively participates in ASF mailing lists,
mentoring initiatives, and ApacheCon, the Foundation's official user
conference, trainings, and expo. The ASF is a US 501(c)(3) charitable
organization, funded by individual donations and corporate sponsors
including Alibaba Cloud Computing, ARM, Bloomberg, Budget Direct,
Capital One, Cash Store, Cerner, Cloudera, Comcast, Confluent, Facebook,
Google, Hortonworks, HP, Huawei, IBM, InMotion Hosting, iSigma,
LeaseWeb, Microsoft, ODPi, PhoenixNAP, Pivotal, Private Internet Access,
Produban, Red Hat, Serenata Flowers, Target, WANdisco, and Yahoo. For
more information, visit http://www.apache.org/ and

© The Apache Software Foundation. "Apache", "Fineract", "Apache
Fineract", and "ApacheCon" are registered trademarks or trademarks of
the Apache Software Foundation in the United States and/or other
countries. All other brands and trademarks are the property of their
respective owners.

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