Intel moves into fintech as PC sales slump
Intel has teamed with The Floor, a fintech hub located at the Tel Aviv Stock Exchange, to create its own fintech innovation centre in Israel.
This is Intel’s first move into the fintech sector as it looks to capitalise on the demand for bitcoin and blockchain solutions in banking and finance.
It may also be looking to diversify its business due to the decline in PC sales. The company recently announced it is cutting 12,000 jobs, about 11% of its workforce.
Sharon Puterman-Zafrir, IoT – business development manager, Intel Israel, says the collaboration means both organisations can “widen the influence of technology on the financial field, from the user to the cloud”.
The Floor says it provides a “physical home” for local fintech entrepreneurs and “serves as the focal point of access” to Israeli fintech for international companies. It is backed by Pando Group, a $250 million Chinese-Israeli venture capital fund.
The Floor was established in 2015, and lists HSBC, Intesa Sanpaolo, RBS and Santander as partners.