According to latest reports, Intel has announced its plans to establish a fintech innovation lab in Israel. The lab will focus on the emerging and trending technologies such as blockchain technology, the Internet of Things (IoT) and biometrics.

The Jerusalem Post reported that Intel has joined forces with The Floor, a fintech hub based at the Tel Aviv Stock Exchange, for this venture. The lab is being formed with the objective of identifying and developing technological innovations to upend and advance the global financial industry.

“Through this collaboration, Intel will be able to lead, alongside The Floor, the development of this field in Israel and to widen the influence of technology on the financial field, from the user to the cloud,” said Sharon Puterman-Zafrir, Intel Israel’s manager of IoT, as quoted by The Jerusalem Post.

She went on to say that Intel would demo its own technology at the lab and explore the ways in which it can collaborate with the hub’s entrepreneurs.

The Merkle reported that The Floor, established in 2015, recently raised $2 million from Chinese-Israeli VC firm Pando Group. The company has already teamed up with many financial firms that are involved in blockchain experiments.

Gil Devora, The Floor’s co-founder, said: “Intel brings a powerful multi-disciplinary approach that could help Israel become a global capital in the field of fintech.”

Earlier this year, Deloitte released a report, “Israel: A hotspot for blockchain innovation”, explaining that Israel has become a hub for startups and technological innovations, driven by robust defense industry, technological military units and cutting edge academic institutes. It added that the country’s unique experience with fintech, cyber and cryptography, has positioned it as hotspot for blockchain innovation.