The Capital Markets, Insurance and Savings Authority, and Israel Security Authority have jointly signed an MOU for collaboration on FinTech issues with the Croatian Financial Services Supervisory Agency (HANFA). The purpose of the agreement is to encourage Fintech innovation in Croatia and Israel by providing support to Fintech companies and to enable information sharing regarding this fast-developing domain.
Both authorities consider MOUs with corresponding authorities worldwide as an important step toward expanding cooperation and knowledge sharing and creating access to regulation for entrepreneurs seeking new global markets for their financial services. These MOUs also reinforce Israel’s status as an innovative, advanced center of FinTech.
Regarding the decision, David Malits, Founder, and CEO at DM Communications said: “The agreement with Croatia is a direct continuation of other agreements signed since the beginning of the year, including the ones with New York (USA), France, and Switzerland. The Joining of Israel to the Global Financial Innovation Network (GFIN) strengthens Israel’s position as a leading technology player”.
As Malits accurately pointed out, many Fintech ventures are based in Israel, and the fact that its regulation is becoming acceptable to other markets in the world via cooperation opens the door for Israeli entrepreneurs to new markets, which weren’t available before.
“To my delight, this isn’t the first step the Israeli regulator has made to encourage technological growth. It is known that regulation usually lags behind innovation, but here we see honest actions by the authorities to promote, develop, and assist growth”, Malits concluded.
Israel authorities are moving fast to develop their fintech ecosystem with MoUs between different countries. Only in July they signed another collaboration with New York state. In that occasion, the Governor of the State of New York, Andrew M. Cuomo, and Israels’ three financial regulators: Supervisor of Banks at the Bank of Israel, Hedva Ber, Head of Capital Markets, Insurance and Savings Authority, Moshe Bareket, and Chairwoman of Israel Security Authority, Anat Guetta, announced an agreement between the New York State Department of Financial Services and Israel’s regulators to encourage and enable cross-border innovation in financial services technology (“FinTech”). The purpose was, as with Croatia now, to encourage FinTech innovation in New York and Israel by providing support to FinTech companies, and to enable information sharing regarding this fast-developing domain.
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.