National FinTech Cyber Innovation Lab to be Set Up at Israel

Israel will soon launch a FinTech Cyber innovation lab. The lab will be set up in the southern city of Beer Sheva. The Israel National Cyber Directorate (INCD), the Israel Innovation Authority (IIA) and the Ministry of Finance jointly revealed the news on May 4, 2020 Monday. The tender to establish the new FinTech Cyber Security laboratory was won by Master Card and Enel X.

The funding will estimate to a total of 3.7 million dollars over three years.

The city of Sheva is already a technology hub. The start-ups that get on boarded to the laboratory will receive IIA funding of 85% of cost to a limit of approximately 140000 dollars towards generating a proof of concept. Apart from this, there is also a 50% coverage for the expenses towards technology infrastructure and routine operations valid throughout the duration specified in the tender.

What are the ideals this innovation lab is expected have in their agenda? Well sources have informed that one of the primary goals of the lab will be to support and fast-track FinTech start-ups.
Also, the lab will also escort Israeli FinTech and Cyber industries’’ entrepreneurs and fuel international investments in Israeli corporations. The lab will provide access to start-ups and its entrepreneurs regarding the expertise and knowledge with respect to financial and cyber segments.

The interested proportions will also be given access to financial data, regulations, products, processes and other necessary relevant information. Israeli FinTech Cyber Innovation lab also is planning to develop a cyber-defence solutions’ division for the financial sector which focuses mainly on credit operations, Blockchain, securities, clearance and Insurtech.