Global banks, Intel join Israel’s FinTech scene

Posted By BG / 2016-07-08 / , , / 0 Comments

HSBC, RBS, Italy’s Intesa Sanpaolo and Banco Santander are partners in a new fintech hub in Tel Aviv.

Four global banking conglomerates have joined forces with semiconductor giant Intel and three Israeli entrepreneurs to take part in Israel’s growing financial technology scene by setting up a new fintech hub at the heart of Tel Aviv.

HSBC, RBS, Italy’s Intesa Sanpaolo and Spain’s Banco Santander have set up, together with Avi Cohen, Gil Devora and Moises Cohen, a new center to foster the creation of financial technology startups in Israel.

The Floor, as the Tel Aviv based center is called, aims to pave the way for the companies it fosters to access the $1 billion investment funds managed by the group’s strategic partners and banks. KPMG and Accenture are also part of the venture, the partners said in a joint statement.

Located at the Tel Aviv Stock Exchange, the hub will provide office space and mentoring services to ventures in the financial technology sectors, whether they are developing products for digital banking, blockchain solutions, digital payments or anti-fraud software.

Partnering with The Floor will provide HBSC with access to the latest technologies, as part of the bank’s push to search for innovation, and the opportunity to invest in these companies and allow them to grow and perhaps also use the technologies developed.

Read more on THE TIMES OF ISRAEL.

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