U.K. industry body TheCityUK and City TLV, an Israeli nongovernmental organization that promotes Tel Aviv as an international financial center, have signed a memorandum of understanding to deepen cooperation in financial technology and cybersecurity, they said Sept. 12.
The MOU aims to promote the sharing of technology and expertise between London and Tel Aviv, as well as bolstering support for innovation, the organizations said.
TheCityUK CEO Miles Celic 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 U.K. and will help to further build on London's position as the world's leading fintech center."
Shmuel Ben-Tovim, president of City TLV, said: "The U.K. is a critical partner in our global fintech network, with natural synergies between our financial ecosystems. Both markets share a commitment to excellence in innovation and technology and take a global outlook to taking these products to market."