Israel’s Chief Scientist Avi Hasson and the Commonwealth Bank of Australia today announced a new Memorandum of Understanding that will allow Australia’s largest bank to access emerging technology from Israeli startups.

CBA is the first bank in the world to take part in a new program established by Hasson that links promising Israeli startups with global companies willing to test their ideas and provide feedback.

Microsoft, General Electric and Procter & Gamble are also taking part in the initiative, according to a press release.

CBA’s chief information officer David Whiteing said his bank is interested in collaborating with Israeli startups working on cybersecurity and big data analytics.

Hasson is in Australia this week for meetings designed to deepen and strengthen bilateral economic, technological and scientific ties. Hasson is also scheduled to deliver a keynote address at the First Israel-Australia Investment Summit 2015 (The Bridge).

“This visit is clearly a testament to the high regard Australia has for the Israeli innovation economy,” said Hasson. “A number of Australian government and trade delegations have visited Israel in recent months, focusing on lessons from the Startup Nation in promoting innovation and entrepreneurship. They were also deeply interested in learning about our unique brand of public-private partnership and how it promotes our knowledge economy. This visit aims at strengthening an already robust relationship between our two countries.”

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