Japanese insurance giant Sompo opens Israeli hub

Tel Aviv Photo: Tamar Matsafi

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Sompo is seeking investments in startups developing fintech and cybersecurity including AI and IoT, "Reuters" reports.

Japanese insurance giant Sompo Holdings Inc. has set up a fintech hub in Tel Aviv, "Reuters" reports. Sompo is the first Japanese insurance company to open such a base in Israel where it hopes to benefit from Israeli expertise in fintech and cybersecurity.

Company officials told "Reuters" that Sompo is also seeking Israeli startups for strategic cooperation and investment. Sompo is focusing on startups in artificial intelligence and the internet of things (IOT) as well as computing devices embedded in everyday objects.

Sompo's new fintech base in Tel Aviv began operating earlier this month, "Reuters" added. Sompo already has similar bases in Tokyo and Silicon Valley.

Published by Globes [online], Israel business news - www.globes-online.com - on November 27, 2017