Mastercard and Enel X to Set Up Fintech-Cyber Innovation Lab in Israel

The new lab will develop fintech and cybersecurity solutions for payments and energy networks worldwide

Mastercard is teaming up with Boston-headquartered energy outfit Enel X to establish a lab in Israel working on innovation in financial technology and cybersecurity.

Enel X is an Enel Group company providing products and services aimed at energy transformation at home, city and industrial level, with a view to sustainable development.

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The lab will partner with startups to test and develop products, with a focus on digital security, fintech platforms, digital authentication and financial inclusion.

Backed by the Israeli government, the lab will be set up in the southern city of Be’er Sheva, which has been designated by authorities as the cyber and fintech capital.

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“This new collaboration will allow us to draw from many partners and resources, including Israel’s renowned start-up economy, to help bring innovations to market even faster and reduce the growing threat and cost of cyberattacks,” Ajay Bhalla, president, cyber and intelligence at Mastercard, said in a statement.

He added that it has never been more important than it is today that security is “at the forefront of all innovation”.

The lab will obtain a three-year license and get around $3.7 million of public funding to cover its establishment, operational costs and proof of concept development with local start-ups.

“The new lab gives us the unique opportunity to work with Israeli start-ups to bring innovative financial technologies to our millions of customers worldwide. By joining forces with an important partner like Mastercard, we will support these start-ups to develop and roll out best-in-class solutions in the fintech and cybersecurity sectors,” Francesco Venturini, head of Enel X, stated.

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