After almost two years of a political deadlock without much of a functioning government, Israel finally has a new government. So, what does this mean for Israeli Fintech?
According to the coalition agreements, the new government is committed to reducing regulation, removing bureaucratic barriers, and promoting digitization of government services. Furthermore, it is setting a national goal of raising the number of hi-tech workers to 15% of the entire workforce by the year 2026. Prime Minister Bennet, a former high-tech entrepreneur himself, who also served as Minister of Economics, is familiar with the enormous potential of Israel’s hi-tech and fintech sectors and is expected to lead growth enhancing reforms.
One of the first reforms that is expected to pass is the new Designated Exchange Act, which allows for new technological exchanges to serve the local ecosystem. This reform will unlock new opportunities for growth, open the exchange landscape to competition and innovation, and provide access to liquidity for thousands of startups in the fintech and crypto sector.
Why is this an opportunity for Simetria?