The new partnership also signed an agreement to operate debit cards • Meaning: Within a year, the bank controlled by Prof. Amnon Sheshua, founder of Mobilayi, will operate and join new customers

• Amnon Amusement // Photo Archive: Noam Rivkin / Fenton

  Photo: 

  Noam Rivkin / Fenton

Digital Bank and Isracard, Israel's largest credit card group, announced Tuesday that they have signed a joint offering and operation of debit cards for digital bank customers. The Bank's customers will be able to use Isracard's wide and international cards. 

The Bank says that joining Isracard is another strategic milestone on the way to establishing the first independent digital bank in Israel. The Bank is currently completing its process of joining as a stock exchange member, signing an inter-bank mutual recognition agreement as well as the necessary engagements to enable its clients to trade on other exchanges around the world. 

Digital Bank is, as stated, the first independent bank established in Israel in more than 40 years. Unlike the existing banks, which have added a digital channel to their traditional operations, the new bank will be completely digital and with no branches. The Bank will offer advanced services, including flexible and competitive credit solutions, along with standard banking services such as current account management, credit, deposit management and securities. 

The bank says that the independence of the digital bank from the existing banking groups will for the first time create a true independent alternative for Israeli citizens and lead to the opening of the banking industry to competition in a way that would not have been possible under the existing banking model. The new digital bank is expected to be operationally lean, with no branch network and no thousands of employees and its work processes will be mostly automated. Prof. Amnon Sheshua is the nucleus of control of the digital bank, which brings with him extensive knowledge and experience in developing breakthrough initiatives such as Mobilai and Orkam. 

The digital bank, which received its approval from the Bank of Israel last September, is under the exclusive control of businessman Prof. Amnon Sheshua, following the recent retirement of one of its founders Marius Nacht. The purpose of establishing the bank is to provide an alternative to existing banks. 

Hedva Bar, the Bank of Israel Supervisor of Banks, who approved the establishment of the bank, estimated that following the digital bank "competitive pressure will be created, the consumer gospel should come in several dimensions and not only at the price, between better service, additional innovation, personal attitude and fees. Here influence even before its establishment. "

According to Gal Bar-Da'a, CEO of Digital Bank: "At Isracard we found partners in our vision for new banking. Together we will create the financial innovation we aspire to and define what the digital payments field will look like in the years to come. We want to strengthen customers' control over their financial life and trust in their bank. "

Ron Wexler, CEO of Isracard Group, said: "This collaboration positions Isracard as an active partner in the innovative and future banking world."