UK Tries to Replicate Israeli Success with Global Network of Tech Hubs

The British embassy in Israel has announced that the UK government will create a global network of tech hubs, based on the successful model of the UK Israel Tech Hub, as part of a new digital strategy focusing on expanding digital skills in the UK.

This includes the creation of five international tech hubs in emerging markets, following the Israeli model. The new hubs will create and develop partnerships between UK companies and local tech firms.

The UK Israel Tech Hub was founded in 2011, and focuses on several areas with high potential for partnerships, such as online retail and Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term, biomed, cyber, mobility, smart cities, cleantech, educational technologies, creative industries and Arabic online content. Since its creation, it has facilitated over 80 bilateral tech partnerships, with a deal value of £62 million.

British Ambassador to Israel, David Quarrey, said: "Today's announcement is further evidence that tech relations between the UK and Israel are stronger than ever, and are now an inspiration for the UK’s tech engagement around the world. The UK Israel Tech Hub plays a vital role in forging a strong tech and innovation partnership. If you are living in the UK today, you use technology from Israel daily - in banks, hospitals, digital government services and even online shopping. Britain's new Digital Strategy acknowledges the success of the hard work we're doing to advance these relations and it sets a promising future for our tech cooperation."

Director of the UK Israel Tech Hub Naomi Krieger Carmi said: "We are delighted the UK government has recognized the unique potential of the model we have developed with Israel. Together with our Chairman Haim Shani, Ambassador David Quarrey and the excellent Tech Hub team we have grown this 'Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term' over the past five years to a successful model which delivers significant business value to both economies. I look forward to working closely with colleagues in London and the five new locations around the world, to adapt and rollout the model and create a global tech network for the UK, with Israel taking a central position within it".