Israeli financial companies are stepping up innovation in digital payments

Israeli startups have been through a lot of turmoil in recent months.

Initially, there was a period of shock and uncertainty following the October 7 massacre, during which many tech workers were drafted into the reserve army. After adjusting to the new situation in Israel, workers who had been remotely operating from Gaza resumed their responsibilities as best they could.

Then, upon their return, there was a short adjustment period before operations resumed at full speed.

International expansion

Despite the complications of traveling and leaving their families in Israel and the high costs associated with relying almost exclusively on Israeli airlines, these employees persevered.

Indeed, the Israeli startup scene primarily focuses on developing products or platforms within a supportive local ecosystem before targeting international markets. With a population of nearly 10 million, however, Israel’s domestic market is not large enough to support these startups. Therefore, as soon as possible, new start-ups aim to participate in major conferences and events in relevant regions to expand their reach.

Fintech, or financial technology, refers to innovative technologies designed to improve and simplify the provision and use of financial services. In Israel, the fintech sector is rapidly expanding. It features various companies, from large international corporations to emerging start-ups.

Israeli startups participate in international conferences

A key event in Europe highlighting these fintech advances is the Money20/20 event in Amsterdam, which attracts industry leaders from around the world.

There were 53 Israeli companies present at this year’s Money20/20 meeting.

Speaking to Bentzi Aviv, global head of Fintech Solutions at Amdocs, a company renowned for its billing products aimed at large enterprises, it’s clear that Amdocs is making strides in financial services. Advertising

“We offer comprehensive management solutions for our clients, including a range of financial products. It is often difficult for banks, for example, to bundle and connect different services effectively, but we excel in this area,” explained Aviv.

“During the conference, we wanted to highlight our expanding activities in financial services. Given that the market is relatively conservative, we wanted to ensure that more companies were aware of our new message and our unique capabilities. We are able to offer customer experiences diversified and have garnered a lot of interest in this sector,” Aviv said. From left: Ilanit Madmoni, head of the innovation unit at the Bank of Israel, Rahav Shalom-Revivo, head of FinTech and Cyber ​​Innovations at the Ministry of Finance Meital Raviv, head of Fintech &; Innovation at KPMG Israel; and Justine Zwerling, head of Israeli primary markets at the London Stock Exchange Group (credit: DIANA RUBINSTEIN).

An Australian company opens an office in Israel

Among the companies attending the conference was Airwallex, an Australian fintech company that provides a global finance and payments platform for advanced businesses.

Airwallex offers solutions to manage everything from payments made from corporate accounts to capital resource management and embedded finance. The company opened a branch in Israel and hired a local team to amplify innovation coming from Israel and to work with leading international companies.

Speaking to Pranav Sood, managing director of Airwallex, he said: “The Israeli ecosystem is well known for innovation and we want to support global Israeli companies. We want to be close to them to provide them with our services firsthand.”

The growing impact of AI in the financial services sector was a particularly hot topic at Money20/20, with discussions focusing on the applications of AI in payments, banking and trading.

It became apparent that banks that had already created their own “AI factories” were now exploring double the use cases than before this computing power upgrade became widespread.

This article is for informational purposes only. The opinions and analyzes contained herein are those of the author and do not constitute financial advice. The Jerusalem Post (JPost.com) does not endorse or recommend any investments based on this information. Investors should consider their financial situation, investment objectives and risk appetite before making any decisions. We recommend that you contact a qualified financial advisor. JPost.com is not responsible for any investment losses resulting from the use of this information. The information provided is for educational purposes only and should not be relied upon as trading or investment advice.


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