Enel e Mastercard focus on innovation fintech sector in Israel. The two companies inaugurated the "FinSec Innovation Lab" in the "Gav-Yam Negev" Hi-tech Park in Be'er Sheva, a city located in the southern part of the country and defined by the Israeli government as "the cyber and financial technology capital in the world". The goal is to transform the ideas and solutions generated by innovative Israeli startups into commercial products and services.
In particular, the lab will provide startups with state-of-the-art environments that simulate real production sites based on real-world data and, at the same time, the opportunity to develop new products with the help of Israeli and international professionals.
Since the start of the activities of the FinSec Innovation Lab, more than 100 Israeli startups have applied to participate in the program. From cyber security, internet of things, smart homes/cities to biometrics, identity management, digital wallets, open banking, fraud detection and financial inclusion. After an internal evaluation process, five startups have been chosen to lead a Proof of Concept (PoC) project that will take place in the coming months.
For Enel, this is not the first time it has invested in open innovation activities in one of the most advanced ecosystems. In fact, the Group has opened its first Innovation Hub in Tel Aviv in 2016 and has built strong relationships with key landscape stakeholders such as the Israel Innovation Authority (IIA) and other major venture capital funds and accelerator-incubators. Furthermore, in 2017 he founded Infralab, an innovation incubator laboratory dedicated to smart grids and infrastructures.
“The inauguration of the FinSec Lab is an important milestone that allows us to continue the journey of fostering innovation in the fintech sector, leveraging Israel's excellent start-up ecosystem,” he said. Francesco Venturini, CEO of Enel X -. Collaborating with startups from one of the most innovative ecosystems in the Fintech sector will allow us to integrate their solutions into the Enel X Financial Services business portfolio, expanding the services we can offer to our customers, supporting and accelerating the growth of these innovative startups ”.
“The FinSec Lab is the most recent stage in Enel's innovation journey in Israel, the country that hosts the Group's first Innovation Hub, inaugurated in 2016 in Tel Aviv. So far we have met with over 1.200 startups and worked with more than 50 – he commented Ernesto Ciorra, Head of Innovability at Enel -. Israel offers an incredible innovation ecosystem and we are delighted to be a part of it. It is thanks to the Israel Innovation Authority and the country's Ministry of Finance that we are launching the FinSec Lab. It is essential for us to join forces with players who share our commitment to push the boundaries of innovation, exploiting the opportunities presented by innovative technologies to create sustainable value for all”.
