US-based firms Mastercard and Enel X have secured NIS13m ($3.7m) investment and won the rights to establish a new fintech-cybersecurity lab in Be’er Sheva, Israel.

The project is being funded by Israel Innovation Authority (IIA), the National Cyber Directorate, and the Ministry of Finance.

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The lab is being established to help entrepreneurs and startups develop cybersecurity capabilities for the financial sector in the country.

The new lab will be eligible for a grant from the IIA to cover 50% of the expenses for establishing the technological infrastructure and operations.

IIA will fund 85% of the costs up to NIS500,000 ($140,000) to the startups onboarded by the lab, in the event of generating a proof of concept.

The participating companies will also gain access to unique insights into cybersecurity fields and previously inaccessible financial data, needs, products, and processes.

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IIA chairman and Ministry of Finance chief scientist Ami Appelbaum said: “The Lab will assist in strengthening and establishing Israel and Be’er Sheva as a national and international leader in cyber.

“MasterCard, which will operate for the first time in Israel in this field, and Enel X, owned by Enel, a multinational energy group, for which this activity expands on its involvement in Israel.”

National Cyber Directorate director-general Igal Unna added: “This collaboration will make information and hacking scenarios available for the purpose of developing defences for evolving threats that stem from the accelerated digitisation of financial systems.”