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New FinSec Lab facility inaugurated in Israel

The joint Enel X and MasterCard project provides a space to develop innovative fintech and cybersecurity technologies

Published on NOVEMBER 23, 2021

A space for innovation

Solvers and innovators have a new, state-of-the art facility where they can stretch their creative wings in order to develop, test and produce cutting edge technologies in the fintech and cybersecurity fields: the MasterCard and Enel X FinSec Innovation Lab in Israel.

The brand new facility was inaugurated on November 18 and is located in Gav-Yam Negev Hi-Tech Park in the city of Be’er Sheva, which is an R&D hub for tech companies.

This exciting new facility provides simulations of environments based on real-world data, where startups can work side by side with Israeli and international mentors to test and produce new technologies that will be scaled up and integrated into the Enel X financial services portfolio.

About the Lab

The FinSec Innovation Lab is a joint venture between Enel X and  MasterCard, supported by the Israeli government. Its goal is to advance innovation in fintech and cybersecurity by attracting startups with disruptive ideas and helping turn them into commercial products and services for the payments and energy ecosystems.

Fintech and cybersecurity are two crucial sectors in an increasingly digitalized world, in which more and more essential services and infrastructure are going smart. These include renewable energy grids, transportation systems, buildings and public lighting as well as online banking and smart payment circuits.

In turn, the rapid growth of digitalization is driving demand for powerful data protection systems that can keep those services and that infrastructure private and safe.

Premises of FinSec Innovation Lab
a man in front of giant screen

At the FinSec Lab, solvers and innovators are busy producing next generation technologies in a range of sectors: from digital security and authentication to biometrics, identity management and fraud detection, from digital wallets to financial inclusion products for the unbanked.

The Lab's first call for applications in February 2021 attracted more than 100 Israel-based startups. Five were selected for development, and three are in the launch phase: Connected Insurance and its tailored digital insurance services for SMEs, Mirovia, an early stage startup that is refining its solution for detecting 0-day phishing sites, and Imvision, which developed a solution to detect security threats to the Application Programming Interface (API) data exchange protocol, which is used nowadays in most websites and applications.

Enel X's commitment

Enel X opened its first Innovation Hub in Tel Aviv in 2016. Since then, the company has collaborated with startups in a variety of fields, including the Internet of Things, energy storage and e-mobility. 

The company's proactive engagement in seeding and nurturing technological innovation is a key part of its commitment to the transition to a secure, reliable and inclusive energy system that can withstand the challenges of climate change.

Become an Innovation Partner​

Become an Innovation Partner​

We love great ideas. If you have one, we want to hear about it.​

The future lies in smart homes and smart cities that run on renewable energy distributed by intelligent power grids, in which people will be able to pay their bills, shop, and recharge their electric cars at the touch of an app: the thinkers at the FinSec Lab are inventing the solutions that will make that interconnected world safe, convenient, productive, and easy to navigate for us all.