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CEO of Facebook for the Knesset: "We will act only objectively"
The CEO of the Paybox payments app, Arik Frishman, in a letter to the Economics Committee: Facebook is ready for any supervision procedure or sanction that the Knesset will decide, if the cost comparison is not objective. He said, "The ban does not exist anywhere in the world."
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Fintech
Economic Committee
Regulation
Walla money
Monday, 18 October 2021, 14:27 Updated: 14:41
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Facebook CEO Eric Frishman
today sent a letter to the
chairman of the Economics Committee, MK Michael Bitton, in
which he wrote that Facebook is correct "for any sanction, including cessation of activity, as long as it does not act objectively" regarding cost comparison.
Frishman wrote the letter as part of Attempts to prevent bank-linked entities from making cost comparisons that Facebook says will help the public buy cheap financial products. , Frishman wrote.
"we undertake not be given any preference one way or another manufacturer, and certainly not to the shareholders Bfiiboks. To ensure this, Facebook is correct for the entire series process and / or supervision determined by the legislature,In a manner that will ensure the correctness of its activity as well as any sanction (including cessation of activity) as long as it does not act objectively. "
Frishman added: "The prohibition on a financial information service provider to provide brokerage services or cost comparisons regarding products or services that a party related to it (and not itself) provides to its customers - a prohibition that does not exist anywhere else in the world - is disproportionate and attempts to regulate a market that has not yet been established." .
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Arik Frishman, CEO of Facebook (Photo: Ilan Beshor)
Frishman also wrote: "Overseas regulators have understood - everyone - that the expectation that such a platform (which does not sell its products but offers products and services of others) will arise" out of nowhere "and reach a wide customer base in a reasonable time, is wishful thinking and impractical.
The world understood that restricting employment, certainly in a new and developing market, should be preserved as a 'doomsday weapon', for those limited cases in which the fear of harming the public interest is significant.
That is not the case with us.
The solution in our eyes should be a proportionate series, which will allow as many players as possible to act. "
Frishman added that "at the same time and insofar as the committee believes otherwise, we request - due to uncertainty, the fact that a similar ban does not exist anywhere in the world and the doubt raised by the Supervisor of Banks - at least set a clear success index in the law. During the discussions, the committee rightly sought to establish clear indicators for the success of the reform. (Not to exceed 12-18 months) ".
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