Mastercard and Enel X have joined force to launch a innovation new lab in Israel to advance innovations in financial technology and cybersecurity for the payments and energy ecosystem around the world.
The lab will be established in partnership with the Government of Israel, following a competitive tender launched by the Israel Innovation Authority (IIA).
The new innovation lab will partner with start-up companies to test and develop products and solutions, focused on digital security, fintech platforms, digital authentication and financial inclusion.
Mastercard cyber and intelligence president Ajay Bhalla said: “Today, as much as ever, organizations need to keep security at the forefront of all innovation.
“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 innovation lab is planned to be constructed in the city of Be’er Sheva in Israel
The new lab is said to combine the strength of Israel’s start-up economy with the support of the lab’s technical infrastructure, knowledge and expertise.
It is planned to be constructed in the southern part 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 global technology companies.
In addition, the lab is expected to secure a three-year license and approximately $3.7m of public funding to cover the establishment, operational costs and proof of concept development with local start-ups.
The innovation lab is said to complement Mastercard’s 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.
Furthermore, the lab builds on Mastercard and Enel’s collaboration in the areas including financial inclusion products for the unbanked and digital wallet payments for electric vehicle charging stations.
Enel X head Francesco Venturini said: “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.
“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.”
