Property-and-casualty insurer Sompo Holdings Inc (8630.T) announced on Monday it has opened its fintech hub in Israel and claimed to be the first Japanese insurer to do so in a country. The company reportedly hopes to tap local expertise in digital and cyber-security technologies.
According to Reuters, new fintech base in Tel Aviv was set up this month and the company has similar bases in Tokyo and Silicon Valley. Sompo officials revealed that Sompo is also looking for opportunities to partner or invest in Israeli startups with innovative technologies in agriculture and life sciences.
Established in April 2010, Sompo Holdings manages P&C insurance companies, life insurance companies, and other companies controlled as subsidiaries pursuant to the insurance business law, and other related operations.