The Covid-19 pandemic is a huge opportunity to breathe new life into the Czech-Israeli cooperation and move it to the level of cutting-edge financial technology. The main goal of the Czech-Israeli Fintech Platform created by the Czech Fintech Association and the Israeli FinTech Association is to deepen relations, remove legislative barriers, identify business opportunities and support the mutual openness of both markets. The cooperation is a follow-up to the successful participation of the Czech delegation at the DLD innovation fair in Tel Aviv in 2019.
Long-term cooperation between the two countries in the economic, scientific or cultural fields creates a unique space to develop a number of fintech solutions. The Czech Republic can become a gateway for global Israeli financial technology startups, which expand onto the European Union market. For Czech companies, entering the Israeli market can be a springboard to reach markets in Asia or the United States.
In light of the quick developments in the field of information technology, cyber security plays an absolutely crucial role. Israel is one of the world's leaders in this area, while it is one of the Czech policy priority as well. It has long focused on increasing the level of cybersecurity and ranks among the leading European countries in the protection of digital environment. Given the current cyber risks, international cooperation between the two countries is necessary.
Enormous potential for the platform also lies in the field of modernizing and digitizing public administration. Deepening of the Czech-Israeli partnership with an emphasis on value-added technologies will bring not only new business opportunities, but also the modernization of state administration and the development of tourism.
The platform has already a rendered a pilot projects in the area of international expansion. For the Czech side, it is Easychange, an online FX and currency transfers company, which already has branches in London and New York. In Israel, the platform welcomed oboard Refundit, a VAT refund company co-founded by Uri Levine, serial entrepreneur and father of the popular navigation application Waze. Refundit focuses on helping the state and traders collect taxes and VAT refunds.
Source: http://czechfintech.cz/en/czech-israeli-fintech-platform/ and https://www.businessinfo.cz/
Prepared by the team of CzechTrade / CzechInvest Israel