‘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 set to agree new data privacy law with stiff penalties

By Julia Fioretti BRUSSELS (Reuters) – A sweeping reform of fragmented laws governing the uses of personal data set to be agreed by the European Union on Tuesday will force companies to report privacy breaches to authorities or face stiff sanctions. EU governments and members of the European Parliament are expected to agree the new data protection law, which would replace a patchwork of 28 different laws and give regulators greater enforcement powers

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