Computer giant Intel Corporation (NASDAQ:INTC) has selected the city of Tel Aviv to host its newest fintech innovation lab, the firm announced on Sunday. This follows the recent trend of major global business and technology leaders investing in Israeli startups with ventures such as the Barclays Accelerator in Tel Aviv.
The new Intel fintech innovation lab will focus on applications of blockchain, Internet of Things (IoT) and biometrics and will be created with The Floor, a fintech hub located at the Tel Aviv Stock Exchange. The Floor enjoys financial backing from the Pando Group, a Chinese venture capital fund, and its partners include Banco Santander, HSBC, RBS and Intesa Sanpaolo.
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Sharon Puterman-Zafrir, Intel Israel’s manager of IoT, said that the firm will both demonstrate its own projects and look for opportunities of cooperation with the lab’s other participants. She added: “Through this collaboration, Intel will be able to lead, alongside The Floor, the development of this field in Israel and to widen the influence of technology on the financial field, from the user to the cloud.”
Gil Devora, The Floor’s co-founder, commented: “Intel brings a powerful multi-disciplinary approach that could help Israel become a global capital in the field of fintech.”
If you want to have a chance to participate in the hottest fintech scene in the world, next month the Finance Magnates TLV Conference will feature an ‘Elevator Pitch Session.’ Made popular by our London Summit, in the event startups get just four minutes each to pitch their product to the audience and compete for the prestigious ‘Most Promising FinTech Product’ award.