Intel Corporation (NASDAQ: INTC), the semiconductor giant has joined hands with The Floor, a fintech hub located at the Tel Aviv Stock Exchange to start its own fintech innovation hub in Israel. According to an announcement made by the company on Sunday, the fintech innovation hub will be Intel’s foray into the fintech solutions sector, following the increasing demand for bitcoin and blockchain based solutions by banking and financial organizations.
Tel Aviv, Israel is one of the major start-up hubs in the world, especially when it comes to financial and blockchain based projects. By setting up its fintech innovation hub in the region, Intel is looking forward to working closely with the country’s start-ups and entrepreneurs who are involved in financial products that are based on blockchain technology, Internet of Things and even biometrics. The company’s partnership with The Floor will also mean that it will be able to work closely with the Jewish country’s leading stock exchange.
Israel as fintech hub
The Floor itself is pretty well connected and has a solid financial backing from some of the well-known banking and investment firms. To name a few, Its funding has come from the likes of Pando