Enel X and Mastercard inaugurate Israeli innovation lab
The FinSec Innovation Lab designed to support startups in developing and advancing innovative solutions has been inaugurated by Enel X and Mastercard in Israel.
The 480m2 lab is in ‘Gav-Yam Negev’ Hi-tech Park in Be’er Sheva and focuses on technology innovation within the fintech sector.
Through the facility, Enel and Mastercard provide startups with support including state-of-the-art environments that simulate real production settings based on real-world data for technology development and testing.
Of the more than 100 Israeli startups that have applied for partnerships with the lab so far, five have been selected to conduct Proof of Concepts within the next six months.
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The startups that applied are within the cybersecurity, internet of things, smart homes/cities, biometrics, identity management, digital wallets, open banking, fraud detection, and financial inclusion segments
Francesco Venturini, the CEO of Enel X, said: “The inauguration of the FinSec Lab is an important milestone that allows us to continue our journey in the promotion of innovation in the fintech sector, leveraging on the top-notch Israeli start-up ecosystem.
“Collaborating with startups from one of the most innovative ecosystems in the Fintech sector, will allow us to integrate their solutions into Enel X Financial Services business portfolio, widening the services we can offer to our customers while supporting and accelerating the growth of these innovative startups.”
Ernesto Ciorra, head of innovability at Enel, added: “FinSec Lab is the latest step in Enel’s innovation journey in Israel, the country which hosts the Group’s first Innovation Hub we opened back in 2016 in Tel Aviv. So far, we met over 1,200 startups and worked with more than 50.
“Israel offers an amazing innovation ecosystem, and we are pleased to be part of it. It is thanks to the Israel Innovation Authority and the Minister of Finance that we are launching FinSec Lab. For us, it is key to join forces with players who share our commitment to pushing the boundaries of innovation, leveraging on the opportunities offered by innovative technologies to create sustainable value for all.”
