Technology giant Intel has joined forces with Tel Aviv-based fintech hub The Floor to launch a fintech innovation lab in Israel.
The new lab will focus on various areas of fintech including distributed ledger technology, the Internet of Things (IoT) and biometrics.
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Intel Israel manager of IoT Sharon Puterman-Zafrir said: "Through this collaboration, Intel will be able to lead, alongside The Floor, the development of this field in Israel and to widen the influence of technology on the financial field, from the user to the cloud."
Set up in 2015, The Floor includes HSBC, Intesa Sanpaolo, RBS and Santander as partners. The hub is backed by Chinese venture capital fund Pando Group.
The Floor co-founder said: "Intel brings a powerful multi-disciplinary approach that could help Israel become a global capital in the field of fintech."
The country has become a hotspot for similar ventures, with Visa launching an innovation lab and Barclays taking its accelerator programme to Tel Aviv.
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By GlobalData
