Intel, the leading semiconductor company has announced its plans to dig deeper into the fintech sector following its recent involvement in the digital currency sector. According to the announcement, the company will soon be setting up a fintech innovation lab in Israel.
The announcement comes at the time when Intel is planning to let go of over 11,000 employees around the world as it looks for ways to cut costs. Intel Israel will be working along with The Floor, a fintech hub which works out of Tel Aviv Stock Exchange to set up the fintech innovation lab.
Intel’s fintech innovation lab will be involved in identifying and developing innovative technological solutions to bring advancements in the global financial industry. The company will mainly be working on the blockchain, Internet of Things and biometric-based technology solutions.
Blockchain technology is not new to fintech, in fact, the whole fintech revolution is being brought about by the distributed ledger technology. Many banking and financial institutions have already come to terms with it and started implementing blockchain based solutions into their operations as well. The best examples being the international banking consortium for blockchain technology, working with a New York- based R3 fintech solutions company, Australian Securities Exchange’s implementation of blockchain based trade settlement solution and more.
“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,” says Sharon Puterman-Zafrir, Intel Israel’s manager of IoT
In addition to their own research and development, the Intel fintech innovation lab will be working with other startups in the domain as well. The company will soon be adding over 1000 new jobs at its Israeli facilities as part of an agreement with the government, these new jobs created will also include positions in its fintech innovation facility.