Mastercard joins forces with Enel X to launch a new lab in Israel to advance innovations in financial technology and cybersecurity for the payments and energy ecosystem globally.
The lab will partner with startups to test and develop products, with a focus on digital security, fintech platforms, digital authentication and financial inclusion.
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The goal of the lab will be to combine the strength of Israel’s start-up economy with the support of the lab’s technical infrastructure, knowledge, and expertise.
The location of the lab will be established in the southern city of Be’er Sheva. This city is designated by the Israeli government as the cyber and fintech capital of the world and home to many cyber R&D centers of top global technology companies.
“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,” Ajay Bhalla, president, cyber and intelligence at Mastercard, said in a statement.
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“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,” said Francesco Venturini, Head of Enel X.
It will also obtain a three-year license and get around $3.7 million of public funding to cover all costs connected to its establishment.
