The deal will also include efforts to boost cybersecurity innovation as well as disruptive finance.
The City UK and City TLV, an Israeli body aiming to boost Tel Aviv's financial sector, have signed a Memorandum of Understanding (MoU) to bolster fintech and cybersecurity cooperation between the two countries.
With both countries boasting vibrant technology and fintech industries, the MoU aims to enhance cross-border collaboration and initiatives.
“The partnership will strengthen support for innovation and encourage new global business opportunities by streamlining the exchange of technology and expertise between both markets,” the two bodies said in a media release.
Miles Celic, Chief Executive Officer, The City UK, said: “Israel has the highest density of start-ups per capita in the world. Tel Aviv is a global leader in innovation and technology which is driving the emergence of fintechs, particularly in cybersecurity, information security, artificial intelligence and mobile innovation.”
“It is a natural partner for the UK and will help to further build on London’s position as the world’s leading fintech centre. Our MoU with City TLV will help deepen an already close relationship and help firms in both centres to grasp new opportunities in this growing global sector.”
Shmuel Ben-Tovim, President of City TLV, added that the UK is a critical partner for Israel’s fintech network.
“Both markets share a commitment to excellence in innovation and technology and take a global outlook to taking these products to market.”