Sompo Holdings has opened a fintech hub in Tel Aviv, Israel, becoming the first Japanese insurer to do so in the Middle Eastern country.
According to Sompo, one of Japan’s three largest property and casualty insurers, it opened its new facility in order to tap local expertise in digital and cybersecurity technologies. The insurance giant is also searching for cooperation or investment opportunities with Israeli start-ups in various areas, including agriculture and life sciences, Reuters reported.
The new fintech base, which opened in mid-late November, is Sompo’s third such facility, following those in Tokyo and Silicon Valley. The US hub is looking to work with start-ups specialising in artificial intelligence and the internet of things (IoT).
Sompo has also announced that it will enter the cyber security business, with a new unit in Tokyo, known as Sompo Risk Care. The business will begin in the Greater Tokyo Area, and will gradually expand to other prefectures.
Sompo Risk Care is headed by Yasushi Fuse as its president and CEO.
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