Israel has a strong reputation as a technology centre but it lacks the large financial institutions of London, New York or Frankfurt. Undaunted, local entrepreneurs are launching companies and trying to create a fintech hub.

The city's fintech ecosystem is developing a distinct flavour. For instance, Tel Aviv doesn't have the flood of ex-bankers setting up start-ups to make existing financial institutions more efficient, a core dynamic in London. Start-ups are likely to be turning existing local strengths such as big data, security or real-time analytics to financial use, or creating new businesses that are disruptive - rather than supportive - of existing players.