Accenture Joins Israeli Fintech Hub the Floor in Strategic Partnership
Accenture announced today that it has joined a new hub of fintech start-ups based in Tel Aviv known as ‘The Floor’.
As a member of the hub, Accenture will evaluate potential innovations for its clients as well as its own strategic investments. The company will also mentor start-ups, all of which will serve to strengthen its ties with Israel’s expanding technology community.
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Israeli fintech ventures have grown from 90 in 2002 to around 430 today.
The Floor, which was founded in 2016, has enlisted the support of institutions such as Banco Santander, HSBC, Intesa Sanpaolo, RBS and Intel Corporation and offers fintech entrepreneurs and start-ups a platform to collaborate with financial services institutions, technology companies and venture capitalists.
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Sushil Saluja, senior managing director of Financial Services in Europe, Latin America and Africa at Accenture, commented: “Over the past half-decade, fintech has become a major force of innovation in the financial services industry. Israel has long been a leader in technology and is a growing contributor to the global fintech community. We are pleased to be part of this program.”
Fintech investment in Israel has grown considerably in recent years with the number of fintech ventures growing from 90 in 2002 to around 430 today.
Accenture has been promoting fintech venture innovation since 2010, when it co-founded the FinTech Innovation Lab with the Partnership Fund for New York City. The Lab is a mentorship and accelerator program for leading financial technology ventures. Accenture launched additional labs in London in 2012, and in Hong Kong and Dublin in 2013.
Moises Cohen, co-founder and director at The Floor, welcomed the strategic collaboration with Accenture and said: “An indisputable global leader in the financial services and Fintech industries, Accenture is a perfect match for The Floor and its partners enabling us to address the industry’s challenges and work together with Fintech entrepreneurs to find innovative solutions.”
Accenture’s CSO Omar Abbosh was speaking at Cyber Week in Tel Aviv today, made this announcement. Some of the other stuff he mentioned is that by 2030, cyber attacks are going to run into the trillions of dollars, and even today a single data breach costs $3.7 million. Machine learning and artificial intelligence part of the solution, not surprisingly. When describing the thinking behind developing strategies against attacks, he said: “Your attacker is not a one or zero…they are not a noise on a wire.”
It’s a great event and continues throughout this week.