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

Mastercard and Enel X to Launch Fintech-Cyber Innovation Lab in Israel
14.05.2020 06:42 am

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

Payments , IT Innovations

The new lab, launched in partnership with the Government of Israel following a competitive tender held by the Israel Innovation Authority, will collaborate with start-ups to test and develop solutions in fintech and cybersecurity

Mastercard and Enel X are launching a new lab in Israel to advance innovations in financial technology and cybersecurity for the payments and energy ecosystem globally. The lab will partner with start-up companies to test and develop products and solutions, with a particular focus on digital security, fintech platforms, digital authentication and financial inclusion. 

The lab is being established in partnership with the Government of Israel, following a competitive tender launched by the Israel Innovation Authority (IIA), which aims to advance innovations within the fintech and cyber sectors by accelerating growth of the country’s start-up ecosystem. The new lab will combine the strength of Israel’s start-up economy with the support of the lab’s technical infrastructure, knowledge and expertise.

“Today, as much as ever, organizations need to keep security at the forefront of all innovation,” said Ajay Bhalla, president, Cyber & Intelligence for Mastercard. “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 new lab gives us the unique opportunity to work with Israeli start-ups to bring innovative financial technologies to our millions of customers worldwide,” said Francesco Venturini, Head of Enel X. “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.”

The new lab will be established in the southern city of Be’er Sheva, a city designated by the Israeli government as the cyber and fintech capital of the world and home to many cyber R&D centers of top global technology companies. The lab will obtain a three-year license and approximately 3.7 million US dollars of public funding to cover the lab’s establishment, operational costs and proof of concept development with local start-ups.

This expansion is the latest in a series of investments by Mastercard in cyber security, reinforcing the company’s commitment to supporting innovation and talent development. The lab will complement Mastercard's Israeli headquarters in Tel Aviv, its award-winning global start-up engagement program Start Path, and its eight global technology centers in Arlington, Dublin, New York, Pune, St. Louis, Sydney, Vadodora and Vancouver. The lab builds on Mastercard and Enel’s record of collaboration in areas including financial inclusion products for the unbanked and digital wallet payments for electric vehicle charging stations.

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.

Related News

DocuSign rolls out DocuSign Payments globally

DocuSign has announced the international expansion of its integrated payment solution, DocuSign Payments.

Read more »

Auriga, provider of next-gen banking technology, opens its first offices in Spain and Mexico

 Auriga, an Italian company specialising in omnichannel banking solutions, today announced the opening of two new... Read more »

Belgian Saint-Sixtus Abbey in Westvleteren partners with Ingenico to strengthen their click & collect system of the ‘best beer in the world’

Ingenico Group (Euronext: FR0000125346 - ING), the global leader in seamless payments, today announced its partnership with the Saint-Sixtus Abbey, brewers of... Read more »

Scotland’s business recovery to be powered by contactless payments post pandemic

As more businesses across Scotland take the first steps on the road to recovery and prepare to open their doors on July 15th as part of Scottish Government’s route map,... Read more »

MYPINPAD secures Android certification for its specific hardware-free payments solution

MYPINPADthe global leader in secure personal authentication... Read more »

Open banking: a strategic partnership for CRIF and SIA in Italy and Europe

CRIF, a global company providing credit bureau, business information and credit solutions, and SIA, a leading European hi-tech company in... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel