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

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.

The lab will partner with startups to test and develop products, with a focus on digital security, Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term 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.

Cyberattacks: Reducing the threat

“This new collaboration will allow us to draw from many partners and resources, including Israel’s renowned Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term 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.