Toronto-based Bank of Nova Scotia is stepping up its investments in techology by teaming up with an Israeli fintech venture fund and an Israeli cybersecurity think tank.
The bank announced on Wednesday that it's participating in a fintech-focused venture fund, Viola FinTech I, LP, that's being established by Israeli venture capital firm, Viola Group. The fund is aiming to invest between US$120 million and US$150 million to finance burgeoning fintech firms in Israel, North America, and Europe.
At the same time, Scotiabank is also partnering with an Israeli think tank and incubator, known as Team8. As part of the arrangement, Scotiabank will be taking a seat on Team8's advisory board.
Both ventures are intended to help drive Scotiabank's ongoing shift toward increasingly tech-driven services, while also bolstering its cybersecurity expertise.
"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," says Ignacio (Nacho) Deschamps, group head of international banking and digital transformation at Scotiabank, in a statement. "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."
"We look forward to our partnership with Team8 to deepen our technology capabilities and know-how, which are foundational to Scotiabank's digital transformation," adds Michael Zerbs, chief technology officer at Scotiabank, in a statement. "This partnership will increase our access to Israel's world-class cybersecurity and fraud prevention ecosystem."
Photo copyright: deymos/123RF