A good future for fintech
Fintech firms flourish in Israel due to strong overseas interest, innovation and local talent devoted to addressing the specific needs of this industry. Israel has approximately 430 fintech companies. Six are highlighted in this article, with “I Know First” and “Leverate Ltd” new to this newsletter.
Trade with Kazakhstan up 36%
Trade between Israel and Kazakhstan rose 36 percent in the first half of 2016 compared to the same period last year. Israel’s exports to Kazakhstan (mainly manufactured goods and chemical products) amounted to $18 million (16 million euros), up $2 million from 2015.
Another currency reserves record high
Israel’s foreign exchange reserves at the end of August 2016 stood at a record $97,626 million - an increase of $233 million from their level at the end of the previous month.
Exports jump 11.5%
Israel's exports continue powering ahead: in June-August 2016, the export of goods (excluding ships, planes and diamonds) rose an annualized 11.5%. Exports of hi-tech goods and medicines were chiefly responsible for the increase.
Encouraging green investment
ImpactNetwork, the world largest network of green and social startups, is launching activities in Israel. Impact Network will work in partnership with Impact First Investments and TechForGood.
Helping Gujarat expand its eco-system
A 13-person government and business leaders’ delegation from the Indian state of Gujarat have been visiting Israel, to strengthen economic and social ties between the two countries.
Indian winners of Start-up Tel Aviv
Israel’s ambassador to India Daniel Carmon has announced the winners of the India leg of the Start Tel Aviv contest. Two women entrepreneurs - Komal Talwar, of Xlpat Labs, and Mausumi Acharyya, of Advenio will be flown to Israel for the five-day startup program at Tel Aviv.
Frutarom gets a taste of the Irish
Israeli flavors company Frutarom continues to expand by purchasing Irish savory taste solutions firm Redbrook for 40 million Euros. Redbrook doubled growth in 3 years to 22.7 million Euros. It is Frutarom’s sixth acquisition of 2016.
Making shipping easier and cheaper
I reported on Israel’s Freightos previously . Now Freightos has set up the world’s first online web market place for international freight - giving businesses instant comparisons, booking, and management of freight services from multiple logistics providers.
Another hi-tech R&D center
Teridion, the US cloud-based networking company that delivers fast Internet experience, has announced its new Research & Development center in Israel, tripling the size of the former local office and getting ready for new hires.