Canada’s Scotiabank has announced its partnership with two Israeli technology leaders, Team8 and Viola Group.
Scotiabank will join forces with Viola FinTech I, L.P., a new venture fund that will invest in fintechs in Israel, Europe and North America across several growth stages. The fund will co-invest alongside other leading global venture capital, private equity and financial institution investors. The goal is to bridge the gap between traditional financial institutions and startups.
Ignacio Deschamps, group head of international banking and digital transformation at Scotiabank, said: “We are delighted to partner with Viola Group to accelerate the Bank’s digital transformation and work with the most promising FinTechs across the globe.
“This partnership will allow us to access Israel’s innovation ecosystem including well-established cybersecurity and anti-fraud expertise by leveraging Viola Group’s unique entrepreneurial and operational expertise.”
Team8, an Israeli cybersecurity think tank and company-creation platform will work with Scotiabank to drive innovation in cybersecurity.
Nadav Zafrir, CEO and co-founder of Team8 and former commander of Israeli Intelligence Unit 8200, stated: “We are thrilled that Scotiabank will play a role in our unique company creation model to solve the big problems in cybersecurity. It is truly a win-win partnership.
“Joining our advisory board and pioneering our community of chief information security officers represents Scotiabank’s deep commitment to our shared vision of partnering with the industry to empower resilience within organisations. Their insights and experience bring incredible value to our approach.”
The partnership is part of a large digital transformation strategy that Scotiabank is undertaking across multiple geographies.