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Israel may not be a global financial powerhouse, but it could become the technical backbone behind the rest of the world's finances if Finance Ministry officials have their way.

The Finance Ministry is drafting a plan to back high-tech companies developing products for the global financial sector. This program will take the place of a previous plan that was designed to make Israel into a global financial center.

Finance Ministry director general Haim Shani and his adviser Yoav Oron have met with senior officials from European financial institutions to find ways to advance the plan. The ministry is also trying to determine the added value the Israeli high-tech industry has to offer, in particular for developing computer systems for banks, trading and real-time data analysis.

After the ministry figures out where Israeli industry has an advantage, it will hash out a plan to boost exports.