Intel’s Fintech Innovation Lab in Tel Aviv

World renowned chip producer, Intel, is partnering with The Floor, a Tel Aviv-based fintec hub in order to create a technology innovation lab for the Israeli area.

Subjects such as the Internet of Things, biometrics or distributed ledger technology will find home in the new lab set up by the two partners.

Sharon Puterman-Zafrir, manager, IoT, Intel Israel, says: “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.”

The Floor, which was launched in early 2016 with a back-up by Chinese-Israeli VC fund, Pando Group, is aiming to keep a close pace to London’s Level 39 by providing a direction for the ever-growing Israeli fintech network, counting around 430 startups at the moment.

At the moment, the hub is already backed up by global banks such as Intesa Sanpaolo, RBS, Santander and HSBC in the effort of sealing Israel as the leader of fintech for the Middle East area.

Recently, Barclays is taking its accelerator program to Tel Aviv and Visa also opened an innovation lab in the country.