Governor of the Bank of Israel, Prof. Amir Yaron and the Supervisor of Banks, Yair Avidan, grant the operating permits to the top management of esh Bank (Photo: Oren Tesler)
This morning Bank of Israel Governor Prof. Amir Yaron and Bank Supervisor Yair Avidan granted Yuval Aloni, Nir Tzuk, Alex Libernet and Alon Shine the license to establish, manage and control a new bank in Israel named - esh.
In addition, the governor granted a bank holding permit to Prof. Shmuel Hauser (former chairman of the Israel Real Estate Authority), who will serve as chairman of the new bank. The license awarding ceremony took place today at the Bank of Israel offices in Jerusalem, after the banking supervision completed the inspection process for the establishment of the new bank and in consultation with the licensing committee.
According to the new bank's announcement, esh will offer current accounts and address private, self-employed and corporate customers. The bank will offer deposit products, loans, payments and credit cards, and is based on unique technology. The bank. This is actually the first time in Israel that a bank has been established with a completely new, highly efficient technology that contributes to a lean expense structure and enables new and attractive products for the benefit of the clientele.
The bank is headed by top-class banking and technology professionals. The bank's CEO will be Kobi Malkin (CEO Otsar Hay'il Bank and the former Masad Bank). Dr. Nadine Budo-Trachtenberg (former Deputy Governor of the Bank of Israel) will serve as Deputy Chairman of the Board of Directors. The
founder and CEO of the esh group, Yuval Aloni
, wrote in the launch announcement on the company's website:
"It's been over 5 years since Shir Ra'anan, Alex Libernet and I started the journey and founded esh. Today we officially received a license from the Bank of Israel, and it's time to share where we're headed.
esh is a banking technology group. Our goal is to accelerate the transition from traditional banking models To innovative models with mutual interest between the bank and the customer. We believe that efficiency resulting from automation and technological autonomy, embedded within a banking platform, creates better solutions. Today, the group includes two ventures: a core banking technology company and a consumer banking brand that will use this technology for the benefit of its customers."
Another Aloni reporter: "It is hard to imagine a reality where products like Gmail, Zoom or WhatsApp are operated manually by officials and committees, instead of by computer programs. This is the reality today in the banking industry. To change this, we at esh are taking a different approach - instead of using technology To help the bankers, our bankers supervise the autonomous technology, which is developing and advancing all the time."
"Esh's first product is a current account.
However, our long-term plan is to build a variety of products, including competitively priced loans.
We built the bank in such a way that completely changes the cost structure, and the money saved will be transparently passed on to the customers.
I can personally guarantee that there will be no account management fees, we will not request the transfer of the existing account or the salary, and that the following products will also include payment capabilities and the issuance of international credit cards for households and businesses.
When we set out to build a cloud-based 'banking operating system', we chose to do it in a unique way that dramatically changes the existing paradigms.
Unlike traditional and new banks, which all operate on previous generation technology systems, which are inefficient, and whose operating cost is high, we wanted a completely different system in its entire way of thinking and operation.
We did not want our bank to become another soulless 'integrator' of products similar to those that all banks already offer, competing only on price.
When the efficiency resulting from technological progress in the bank is translated directly to the customer, an identity of interests is created, and a variety of new services become possible, without harming the bank's bottom line and its stability."
Prof. Shmuel Hauser Chairman of the Board of Directors of esh Bank
: "We are excited to receive the bank's license. We have a long way to go. The uniqueness of our bank is the synergy between technology and banking. This is a groundbreaking Israeli technology, which enables extraordinary operational efficiency that will be rolled out directly to customers. This will be reflected in attractive interest rates, fee-free services , without subscription fees, and without preconditions such as salary transfer".
Of money
news
Tags
Amir Yaron
Bank of Israel Governor
the supervisor of banks
Digital banking
Nir Tzuk