Mastercard is teaming up with Enel X, a company of the Enel Group that offers products focused on energy transformation at home, city and the industrial level.
Through the partnership, both companies will set up a Fintech and cybersecurity innovation lab in Israel.
The lab will work with local startups and early-stage firms to test and develop various products, which will include digital security, online authentication, financial inclusion, and Fintech projects.
Supported by investors in Israel, Mastercard and Enel X’s innovation lab will operate from a center based in the southern city of Be’er Sheva, which is considered a prominent Fintech and internet technology development hub.
Ajay Bhalla, president of cyber and intelligence operations and initiatives at Mastercard, stated:
“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 lab will receive a three-year operational license and about $3.7 million of public investments. The funds will be used to cover establishment and operational costs. The capital will also be used to help create proof of concepts (PoC) for various initiatives, with assistance from local startups.
Francesco Venturini, head of Enel X, remarked:
“The new lab gives us the … opportunity to work with Israeli start-ups to bring innovative financial technologies to our millions of customers worldwide.”
Venturini added:
“By joining forces with … Mastercard, we will support these startups to develop and roll out [useful] solutions in the Fintech and cybersecurity sectors.”
Enel launched its first innovation hub in Tel Aviv back in 2016. The company has worked with 35 local startups in areas including the Internet of Things, cybersecurity, e-mobility, and energy storage.
Enel’s Infralab, which focuses on the digitalization of infrastructure businesses, is home to several lab companies and startups.
The Hub and Infralab are part of many other hubs and labs that Enel operates across the globe, including in Brazil, Chile, Italy, Russia, Spain and the US.