TheCityUK, an industry advocacy group promoting the financial and related professional services industry of the UK, has signed a memorandum of understanding (MoU) with Israel’s City TLV to promote global fintech and cyber security innovation.

Additionally, the two bodies agreed to exchange technology and expertise to support new opportunities.

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TheCityUK CEO Miles Celic said: “Tel Aviv is a global leader in innovation and technology which is driving the emergence of FinTechs, particularly in cybersecurity, information security, Artificial Intelligence and mobile innovation.

“It is a natural partner for the UK and will help to further build on London’s position as the world’s leading FinTech centre. Our MoU with City TLV will help deepen an already close relationship and help firms in both centres to grasp new opportunities in this growing global sector.”

City TLV president Shmuel Ben-Tovim said: “The UK is a critical partner in our global FinTech network, with natural synergies between our financial ecosystems. Both markets share a commitment to excellence in innovation and technology and take a global outlook to taking these products to market.

“City TLV will aim to include in the implementation of the MoU with TheCityUK all relevant associations in Israel, including Fintech Fever, The Floor, Fintech Aviv, IATI, Israel Export Institute and Start-up Nation.”

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Besides the UK, TheCityUK is active throughout Europe and the world and promotes competitiveness in the financial services industry as well as works with government on regulatory developments.