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Mastercard to open Israeli fintech-cyber innovation lab

Mastercard to open Israeli fintech-cyber innovation lab

Mastercard is joining forces with energy outfit Enel X to establish a lab in Israel working on innovation in financial technology and cybersecurity.

The lab will partner with startups to test and develop products, with a focus on digital security, fintech 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.

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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