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Fintech refers to technological innovations in the financial sector, introducing improved alternatives for the various banking and financial services and products. In addition to providing better, quicker and less expensive financial services, more attuned to the needs of the millennial generation. Fintech also provides technological financial access for inhabitants of various communities across the globe, in locations which were unable to access sufficient (if any) financial services. Over the past few years, the Israeli Fintech industry has established itself as a frontrunner in financial innovation, boasting several unique strengths and advantages that have enabled its success within the global market, and offer distinctive benefits. These include recognized local expertise in such cross-over technologies as cybersecurity, big data analytics, and AI, as well as an active and diverse entrepreneurial Fintech community with a global outlook.

This brief gives a high-level overview of the Israeli Fintech industry, global challenges, and solutions, a breakdown of the local ecosystem into sub-sectors and special qualities of the Israeli Fintech industry and its success stories.

Start-up Nation Central Fintech Brief 553 KB PDF

Sector Spread

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"Fintech has shifted from competition to collaboration mode between banks & startups and this resulted in several success stories, especially with Israeli companies bringing a new wave of innovation to global banks, at The Floor we see the emergence of innovators that are helping to impact the financial industry while gaining expert guidance and unique business opportunities. The dominant trends relate to the use of data as a currency, leveraging existing assets for better service/new product offering. Blockchain is early stage yet beginning to move into the implementation phase. The use of AI capabilities to manage new regulation or enhance customer-facing digital experience."

- Avi Cohen
Co-founder & CEO of The Floor

"Technology and innovation have created a new world of opportunity for the insurance industry. Our future customers demand and expect innovation from our industry. We will need to navigate through this new world of opportunity and to develop new models and new partnerships in order to stay relevant. Many insurers and brokers recognize the need to innovate and are Investing in Insurtech Initiatives. I am sure that insurance industry will be much different in five to 10 years."

- Shay Simkin
Managing Director of Howden Insurance Brokers Israel & Head of Cyber for Howden Global

Fintech highlights