Team8, Deloitte Partner to Bolster FinTech Innovation

Team8, an Israeli creator of cybersecurity startups, is partnering with Deloitte, an auditing, consulting, tax and advisory services provider to develop and implement cutting-edge technologies for financial services, according to a Tuesday (Dec. 21) press release.

The collaboration is aimed at connecting Team8’s FinTech startups with Deloitte to harness modern technologies, identify new opportunities and reduce potential risks associated with startups via initiative-taking engagement with customers, the announcement states.

Deloitte works to improve corporate innovation opportunities for startups, while Team8 partners with entrepreneurs to build innovative FinTech companies. Working together will enable Team8’s startups to participate in market validation processes and gain more access to insights on up-and-coming trends, according to the companies.

The firms are exploring emerging trends and cutting-edge solutions in the tax sector that are primarily being driven by FinTech companies. Research will result in the publication of a collaborative report slated for release in the coming months.

“FinTech is a complex industry where innovation needs to sit alongside a deep understanding of the businesses’ domain, regulations, privacy issues and cyber threats,” said Team8 Managing Partner Rakefet Russak-Aminoach. “Today, it’s not just financial services firms exploring FinTech solutions, but also non-financial firms. Both need to be able to access the right combination of financial technology and financial expertise as they grow their offerings.”

Team8 is not the only company Deloitte is collaborating with. Last month, the company announced a partnership with the cryptocurrency Avalanche to create more efficient disaster relief platforms, as PYMNTS reported. The joint effort caused Avalanche to rise into the top 10 cryptos based on market value.

Read more: Cryptocurrency Avalanche Surges After Deloitte Deal

In June, Deloitte teamed with Volante to integrate cloud-based technology into its offering for banks. The collaboration was intended to modernize payment solutions as well as transaction workflows, while streamlining obstacles such as regulatory compliance and operational risk.

See also: Payments Take Center Stage of Bank-FinTech Collaboration