Israeli companies will compete for a chance to meet UK corporate counterparts at a series of networking events, after the UK Israel Tech Hub at the British embassy in Tel Aviv launched its annual TeXchange competition this week.

A judging panel will select up to 15 Israeli start-ups – working in the financial technology sector (fintech) - to take to the UK, attend networking events with global companies, high-profile business leaders and government officials.

The aim of the programme is to build “more UK-Israel business partnerships,” a spokesman said.

Bilateral trade between the two nations is now at a record high, totalling £3.16 billion for the first ten months of this year according to latest figures released by Israel’s Central Bureau of Statistics.

Avi Cohen, digital manager at the UK Israel Tech Hub, said: "We believe the time is right to connect brightest minds in the Israeli fintech scene with the big players of the global financial industry based in London.

"The industry is facing tremendous challenges and opportunities from cyber security and anti-fraud to mobile banking platforms, payment solutions and big data analytics – and UK-Israel collaboration can play a big role in meeting these challenges".

The deadline for applicants is January 11. The winners will travel to London in mid-February.