Foreign currency reserves leap by $10 billion

It may only be temporary, but Israel’s reserves of foreign currency soared by a record $10 billion in July to a record $157 billion.

Digital gift cards

Israel’s Rise.ai has been selected by Google to help businesses offer digital gift cards via their listing on Google My Business (GMB). It will help small and medium businesses to survive and even thrive during the Covid-19 crisis. Digital tools and e-commerce have proved essential during the pandemic.

Investment in Israeli startups:

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Improving the procurement process

Israel’s Approve has developed technology that fully supports the enterprise procurement process, from the initial purchase request to the final payment to the supplier. The product helps finance and purchasing departments save processing time, effort and costs of purchasing.

Gett expands with Ola

Israeli-founded Gett.(reported previously) has signed a strategic partnership agreement with UK ride-sharing company Ola Cabs. Gett’s business clients can now receive service from Ola’s 2 million drivers in 250 cities around the world.

Teva’s biosimilar partnership

Israel’s Teva has joined with Iceland’s Alvotech to commercialize five biosimilar product candidates in the US. Biosimilars are slightly different versions of already approved treatments. They are not the same as “generics” but require less testing than the original and are much cheaper.

Cellular connectivity for rural Kazakhstan

Israel’s Gilat Satellite Networks has won a cellular backhaul project for Kcell, Kazakhstan's largest Mobile Network Operator. Gilat will provide connectivity starting with hundreds of rural villages as part of the “Digital Kazakhstan” government program.

Reaching out further

Israel’s Fiverr International (reported previously) is continuing its international expansion by launching its freelance network in two new languages - Dutch and Italian.  The move follows the opening of similar sites in Germany, France and Spain, now serving 5.5 million businesses in 160 countries.

Investment in Israeli startups

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An app offering short-term jobs

Israel’s Nano Business has developed an application connecting employees seeking a daily income with employers in need of temporary workers. Those laid off by the Covid-19 crisis can use Nano to convert from waiters and event laborers into removers, plumbers and building workers.