Fintech in Israel and how other countries can benefit from it

Fintech Technology

Israel is a growing force as a country today. With tech and innovations in other areas today Israel is breaking barriers of being a small country advancing in all the sectors alike.

FinTech’ is a common phrase used in numerous business and entrepreneur magazines. I am sure, the readers have always wondered what the connection is between finance, a section that effects day to day and tech, that has grown right in front of our eyes. ’FinTech’ involves the ability to carry out any number of financial services from the comfort of your computer or smartphone screen. But what are the forces at work behind the exponential rise of FinTech companies in this small, yet ambitious nation, and why does a comparatively small market like Israel remain one of the most important sources for FinTech innovation?

To lead in FinTech innovation, Israel rises higher than the Empire State because of its small size, which acts as a great testing ground; high level of education among the enthusiastic class; very high mobile engagement among Israelis; and the big data skill set adapted in Israel’s army intelligence units, like the 8200 unit, known for its base of future unicorn startups.

In the last few years, the world has traversed through a digital makeover, quickly changing the ways how the startups are operating today. The subtle makeover has also resulted in a surprising shift in the old money management and financial services industries as Fintech has construed into a series of unorthodox innovations. India is racing ahead in adapting to this profitable transformation, and the Philippines is not far behind.

Banks, with fintech start-up tie ups, shall see never ending profits and competitive edge in the years to come.

How India and Philippines can benefit from it?

With the fleeting population in Philippines and India, the youth can find a profitable alliance with the growing Fintech market in Israel. Israel is racing ahead with technological advancements. They are providing the world with some of the best hardware and products which are imported each here. Not only hardware, even finance and technology has blended perfectly in Israel. With growing Fintech market, the Israeli administration has pumped up the export numbers to India and Philippines. The support that Israel has extended in terms of the export or technical innovations is sure going to be a catalyst for growth in various sectors. An increasing number of FinTech companies are migrating their voice and non-voice support functions to BPOs in the Philippines.

The economic benefits of such a relationship are sure to be seen in the coming years. Israel’s brain with Indian and Filipino man-power could together disrupt the market further, and ease the gap between the smartest of minds from the developed nation and the sharpest of learners from the developing nations.

The business and entrepreneurial sectors in Israel have widespread opportunities. A successful business model can be developed and implemented in such an inductive environment. The startup models and strategies can be great to adapt and work on in such a well set up business environment.

It is advisable to let the relationship of the Philippines and India with Israel grow as they are likely to hold major strength in different sectors in the years to come. The countries can not only greatly benefit from their support and ideas in different sectors but also be of mutual assistance to their innovations. Young minds can be a force of growth for them as well as a platform for our folks to explore and gain exposure in the best projects that are undertaken by Israel.

About the Author
Nikhil Chandwani is an author of 13 Books, TED(x) Speaker, and Founder- Writers' Rescue Centre. He was recently awarded the Rashtriya Gaurav Award in 2019 (The Indian National Award) for excellence in social entrepreneurship. His firm, Writers' Rescue Centre has given voice to over 211 individuals in India through a Gurukul System. Nikhil is also a Visiting Professor with leading Indian Universities.
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