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Israel, Croatia ink deal for fintech collaboration

Israel Securities AuthorityThe Capital Markets, Insurance and Savings Authority (CMISA), and Israel Security Authority (ISA) have jointly signed an MOU for collaboration on FinTech issues with the Croatian Financial Services Supervisory Agency (HANFA) to bolster FinTech innovation and activity in Croatia and Israel.

The agreement will encourage more Fintech innovation in Croatia and Israel by providing support to Fintech companies and to enable information sharing regarding this fast-developing domain, they said in a statement.

Both the 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.

Commenting on the decision, founder, and CEO at DM Communications David Malits 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”.

“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,” Malits said adding,”…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”.

The partnership comes amid CMISA’s efforts to expedite the approval of Fintech licenses including blockchain-focused firms. The organization is working to quickly arrange licenses for fintech companies as it aims to boost innovation and competition. There are currently around 2000 fintech firms in Israel applying for a fintech license, according to media reports.

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