TechNation: Japanese Insurer Sompo Forms Partnerships With Two Israeli Startups

Investment in Israeli fintech startups climbed 33% in first half ■ U.K. delegation in Israel to meet with fintech startups

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The Sompo Japan Insurance Inc. headquarters in Tokyo, Japan, March 12, 2009.
The Sompo Japan Insurance Inc. headquarters in Tokyo, Japan, March 12, 2009. Credit: BLOOMBERG NEWS

Japanese insurer Sompo forms partnerships with two Israeli startups

The Japanese insurance giant Sompo Holdings is deepening its ties with Israel’s high-tech industry. After establishing Sompo Digital Lab in Tel Aviv, it said on Monday that it would be partnering with two Israeli cyber startups to open the Japanese market for them. The two startups are Panorays, which automates cybersecurity management, and an unnamed startup that deals with cyber intelligence, Sompo said. The two will work with a business division Sompo launched last year to provide cyber services to Japanese companies. Much of the unit’s operations will be based on partnerships with Israeli cyber companies, it said. “We expect this partnership to yield revenues of millions of dollars in the coming years,” said Yoshihisa Miyazaki, an executive, at Sompo Cyber Security Beyond partnerships, Sompo is expected to invest $1 million to$5 million in companies active in these fields by means of a joint corporate fund with the American company Translink and in some cases invest directly. (TheMarker Staff)

Investment in Israeli fintech startups climbed 33% in first half

Investment in Israel financial technology startups is growing quickly as multinational companies are tapping startups directly for innovation rather than just setting up local research and development centers. Figures from Startup Nation Central show that investment in Israeli fintech startups jumped 33% in the first half of 2018 from a year earlier to a record of more than $400 million. Nearly three quarters of the round involved foreign capital and 38% came from overseas financial service companies, it said. With more than 300 multinational R&D centers in Israel, recruiting the best local talent has become difficult.”MNCs understand now that opening a local R&D center is perhaps the best or only way to enter the Israeli ecosystem,” explained May Nechushtan, fintech sector lead at Start-Up Nation Central, Among the alterative they are employing are technology accelerators (AXA and Mastercard), innovation labs (TD Bank) and investing in venture capital capitals funds (BNP Paribas). (TheMarker Staff)

U.K. delegation in Israel to meet with fintech startups

A delegation of U.K. financial-services executives is visiting Israel this week on the hunt for financial-technology startups to investment in and partnerships with companies offering advanced payment technology. The group, which arrived on Sunday, is being led by Ann Cairns, vice chairwoman of Mastercard, includes executives from Citbank, telecom equipment supplier BigChange, scanner maker Zapper, payment firm Payzone and International Consolidated Airlines Group. “It’s hard to find today a British company that doesn’t use Israeli innovation,” said Hugo Bieber, CEO of UK Israel Business, the group organizing the delegation. “Israel Business sees huge benefits to U.K. companies in adopting more cutting-edge innovations from Israel.” The delegation is meeting with, among others, Check Point Software Technologies CEO Gil Shwed, OrCam Technologies CEO Ziv Aviram, Viola Ventures General Partner Avi Zeevi, Jerusalem Venture Partners Chairman Erel Margalit, Start-up Nation Central CEO Eugene Kandel, and others from Israel’s startup and technology sector. (Sagi Cohen)