The Limited Times

Now you can see non-English news...

Bank Born: The first digital bank in Israel is launched - Walla! Of money

2022-01-10T09:15:34.482Z

"Van Zero Digital Bank Ltd." received a green light from the Governor of the Bank of Israel and the Supervisor of Banks. This is the first bank to be established in Israel after 43 months.



Bank Born: The first digital bank in Israel is launched

The Governor of the Bank of Israel and the Supervisor of Banks informed Van Zero Digital Bank Ltd. "that it may set off. The bank, controlled by Amnon Shashua (Mobilai), is the first to be established in Israel since 1977. Chairman of the Board, Shuki Oren promises:" We will offer a competitive alternative "

Between Ashkenazi

10/01/2022

Monday, 10 January 2022, 10:48 Updated: 11:10

  • Share on Facebook

  • Share on WhatsApp

  • Share on Twitter

  • Share on Email

  • Share on general

  • Comments

    Comments

Will the banking sector finally open up to real competition? The Governor of the Bank of Israel, Amir Yaron, and the Supervisor of Banks, Yair Avidan, informed Van Zero Digital Bank Ltd. of the Governor's approval to remove the restrictions from the Bank's license - after the Bank has complied with the established milestones and the Supervisor's approval Van Zero is

a



bank controlled by Prof. Amnon Shashua, the Israeli businessman and entrepreneur affiliated with Mobilai, which was sold to Intel Global for more than $ 15 billion (and is now up for issuance), and is managed by Shuki Oren, chairman of the board (and former accountant). General in the Treasury) and Gal Bar-Da'a, CEO of the Bank.



The bank was granted a limited license in December 2019, and involved the completion of the administrative and operational preparations for the establishment of the bank to obtain the permanent license, including through the establishment of information systems and infrastructure including through the Computer Services Bureau, which received a grant from the state. Pilot and capital raising.

More on Walla!

really?

Yes!

This is how you design the house with bins

In collaboration with Tamir

Shuki Oren (right) and Gal Bar-De'a, Chairman of the Board and CEO of the First Digital Bank (Photo: Yanai Yechiel)

"The public will only benefit

The digital bank is a bank without branches and its activities will be carried out through an application and a unique website. The bank will offer the following services: single, double account, standing orders, debit cards, loans, deposits, foreign exchange and securities. In addition, the digital bank offers a "personal money management service" with the intention of providing guidance and guidance to the bank's customers personally Along with

the



hope that this is a step that will open the field of banking to real competition, at least in the meantime it is also a historic step, since the last bank to be established in Israel and received a license from the Bank of Israel was Bank Pogi (Poalei Agudat Israel) in 1977. ).



The Bank of Israel knew this morning's book that the challenges involved in establishing the bank were many and innovative. The Bank was established under the close supervision of many factors at the Bank of Israel, and the Bank's readiness was examined in terms of information security and cyber, technology risk management,Assessing the quality of risk management and the existing supervision and control tools in the Bank






The

Governor of the Bank of Israel, Prof. Amir Yaron

: "I am proud to approve today for Van Zero, the new digital bank, the removal of all restrictions from its banking license. After 45 years, a new bank is established in Israel.

Van Zero Digital Bank for meeting the challenges involved in establishing the bank. It has the ability of this move, combined with additional steps we have promoted to increase competition in the banking system



. "Success and hope that its establishment will pave the way for more banks that will contribute to competition and consumer welfare."



The Supervisor of Banks, Yair Avidan

: "This is a happy day for me as Supervisor. The Supervisor of Banks has worked hard in recent years to create the conditions and remove the barriers that will enable the establishment of a new bank in Israel.



In this framework, regulatory changes were made to the Supervisor's directives, the Supervisor accompanied the establishment of the Computer Services Bureau, a licensing unit and new banks were established that accompanies the establishment of the new banks from the referral stage to the removal of restrictions from the bank license.



This is another tier and part of the set of steps that the Bank of Israel is promoting to increase competition in the financial system. We will accompany and continue to accompany the bank in its work, we will monitor its integration into the banking system and work to assist any other entrepreneur who wants to establish a bank in Israel. "



Shuki Oren, Chairman of One Zero

:" Obtaining a permanent license is an important milestone A new bank for decades The Bank of Israel confirms our readiness to offer a competitive, complete and safe alternative to households in Israel.



We thank the Governor of the Bank of Israel and the Supervisor of Banks for the trust and confidence they place in us, along with the spirit we have received from our new investors.

It is exciting to see how values ​​of transparency and fairness are beginning to seep into the market, from which the public will only benefit. "

  • Of money

  • Our money

Tags

  • Bank

  • Digital

  • Bank of Israel

  • Amir Yaron

Source: walla

All business articles on 2022-01-10

You may like

Trends 24h

Business 2022-05-16T12:39:28.305Z

Latest

© Communities 2019 - Privacy