Scotiabank Partners With Two Israeli Tech Firms

Robbie Lawther

8 December 2017

Canadian banking group Scotiabank, which has a wealth management operation, has partnered with two Israeli firms, Viola Group, a technology-focused investment firm, and Team8, a cybersecurity think tank and company-creation platform.

These partnerships step up Scotiabank’s plan to develop technology capabilities, improvements to customer experiences, and expertise in cyber-security, the bank said in a statement.

As part of the deal, Scotiabank is investing in Viola FinTech I, a new venture fund that will invest in Israeli, European and North American fintech firms across various growth stages. The fund is led by Avi Zeevi, Prof. Daniel Tsiddon and Tomer Michaeli.

The fund will co-invest alongside other global venture capital, private equity and financial institution investors. Its mission is to create mutual value by bridging the gap between financial institutions and innovative startups.

Also, Scotiabank and Team8 will work together to foster cybersecurity innovation, through the exchange of knowledge, insights, and methodologies. An executive from Scotiabank will sit on Team8's advisory board alongside chief information and security officers of other global financial institutions..

"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," said Ignacio Deschamps, group head of international banking and digital transformation at Scotiabank. "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," said Michael Zerbs, chief technology officer at Scotiabank. "This partnership will increase our access to Israel's world-class cybersecurity and fraud prevention ecosystem."

Scotiabank is an international bank and financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific.

In November, this publication reported that Scotiabank had submitted an offer to acquire Banco Bilbao Vizcaya Argentaria’s shares in BBVA Chile.