‘Fintech’ expansion lures foreign banks to Israel

By Tova Cohen TEL AVIV (Reuters) – A five-minute chat with an executive from Israeli start-up MyCheck was enough to spark the interest of Mariano Belinky, managing partner at Banco Santander's venture capital division. After more formal follow-up meetings, the Spanish bank made its first foray into Israel, investing an undisclosed sum in MyCheck, which develops customized mobile payment apps for restaurant chains such as The Cheesecake Factory. With many clients in the hospitality sector, Santander was intrigued by the possibility of providing “a new and better solution for our clients,” Belinky told Reuters at a financial technology (fintech) event hosted by Santander in Tel Aviv last month.

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EU Google probe encourages investors in Russia competitor Yandex

By Ryan Vlastelica NEW YORK (Reuters) – The European Union's antitrust probe into Google sparked a big rally in Russian search engine Yandex NV last week, even though the “Russian Google” still faces significant challenges, competitive and otherwise. Yandex has amassed a $6.54 billion market capitalization, mainly by selling advertising against the web browser used on 64 percent of Russian desktop computers. With Russian stocks recovering and the EU looking into whether Google has an unfair competitive advantage, some investors hope Yandex can win more screen space and advertising revenue

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