MasterCard to open Fintech Cyber Innovation lab in Isreali
By MYBRANDBOOK
MasterCard is joining forces with energy outfit Enel X to establish a lab in Israel which will focus on innovation in financial technology and cyber security. The lab will partner with startups to test and develop products, with a focus on digital security, fintech platforms, digital authentication and financial inclusion.
Enel opened its first Innovation Hub in Tel Aviv in 2016 and since then has collaborated with 35 local start-ups in fields such as the Internet of Things, cybersecurity, e-mobility, energy storage and many more. In addition, Enel’s Infralab, an innovation lab dedicated to digitalization of infrastructure businesses, is today home to more than six lab companies and eight additional start-ups. The Hub and Infralab are part of the global network of 10 innovation hubs and 20 labs that Enel has around the world, including in Brazil, Chile, Italy, Russia, Spain and the US. Thanks to this global network, Enel has been working with about 300 start-ups from all over the world, boosting innovation in all of its global activities.
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.
Ajay Bhalla, President, Cyber and Intelligence, Mastercard, says, “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.”
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.
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