Fosun feeds $5m to Israeli fintech platform The Floor
APAC-based Fosun and Fosun Hani Securities have jointly invested $5 million into Israeli fintech innovation centre The Floor.
This marks Fosun’s second fintech investment in Israel, and Fosun will join the board of directors of The Floor. Its first investment was in BondIT.
The Floor is headquartered at the Tel Aviv Stock Exchange (TASE) and operates a branch in Hong Kong. It works with six (unnamed) financial institutions and focuses on blockchain and cyber.
The Floor is using Hong Kong to target mainland China and get more action for Israel’s fintech scene.
There are no specifics yet, but Avi Cohen, co-founder and CEO of The Floor, says: “As a start-up serving tier-1 multinational banks, our aim is to partner with global players like Fosun to promote our platform and expand our business scale.”
Fosun was founded in 1992. It has been listed on the Hong Kong Stock Exchange since 2007, and its total assets were $81 billion as of 31 December 2017. It describes itself as a “family-focused multinational company rooted in China”.
Fosun Hani is Fosun’s integrated financial services platform. The former was founded in 1987 and was known as Hani Securities (Hong Kong). It was acquired as a wholly-owned subsidiary by Fosun in September 2014 and renamed.
Back in May, TASE, Accenture and The Floor revealed their plans to unveil a new blockchain securities lending platform powered by Intel.