Ontario Centres of Excellence (OCE) and the Israel Innovation Authority (IIA) are partnering on a new, $20-million research network that will support the development of innovative technologies in Ontario and Israel, with an initial focus on cybersecurity solutions for the financial services sector.
The Ontario – Israel Research Network Program – MAGNET (OIRNP-MAGNET) supports industry-led collaboration, including partnerships comprised of small and medium-sized enterprises (SMEs), large firms, and academic institutions to jointly develop innovative technologies.
Ontario and Israel have committed $5 million each over five years to support OIRNP-MAGNET for a total of $10 million, which will be matched by participating SMEs in their respective jurisdictions.
“Because technology in the financial services sector evolves very rapidly, concerns about cybersecurity are top of mind for both business and consumers,” says Dr. Tom Corr, OCE’s President and CEO. “Israel’s leadership in the cybersecurity field makes it a natural partner for Ontario in seeking to deliver state-of-the-art technology. This bilateral collaboration is an excellent opportunity to leverage expertise, resources and supply chains in creating better cybersecurity solutions for the financial services sector.”
Delivered in Ontario by OCE on behalf of the Ministry of Research, Innovation and Science (MRIS), this initiative provides an exciting opportunity to engage in international industry-academic collaboration. The IIA will administer the program in Israel.
OIRNP-MAGNET will address challenges identified by multi-national enterprises (MNEs). MNEs will be matched with Ontario and Israeli SMEs and, potentially, academic researchers to develop solutions to identified challenges.
Cybersecurity in the financial services sector will be the focus area for the inaugural call for proposals. OCE and the Toronto Financial Services Alliance (TFSA) have identified five of Canada’s largest financial institutions — Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), Bank of Nova Scotia (Scotiabank), and Toronto-Dominion Bank Group (TD) — who will participate.
For more information on this program, please visit the OIRNP-MAGNET web page.