Fintech innovation lab to save looming Intel layoffs

Intel has announced that it will create a fintech innovation lab in association with a fintech hub based at the Tel Aviv Stock Exchange.

Intel Israel are bracing for cuts that could result in more than 10,000 employees being laid-off. Despite this, the surge of fintech activity in the country is seeing the chip company doubling down on Israeli fintech with the creation of an innovation lab in collaboration with The Floor.

The hub will function to identify and develop innovations and will include inaugurate blockchain research, the Internet of Things (IoT) and biometric technology. Intel Israel manager of IoT, Sharon Puterman-Zafrir, said that the collaboration will see the domestic focus on finance continue to shift towards the digital.

“Through this collaboration, Intel will be able to lead, alongside The Floor, the development of this field in Israel and to widen the influence of technology on the financial field, from the user to the cloud,” she said, adding that Intel will demonstrate and test its own technology at the new hub as well.

Multinational management consulting services company Accenture has also jumped on the scene, recently joining The Floor to mentor start-ups in Israel’s expanding technology community.