In a huge row: The Governor of the Bank of Israel, Prof. Amir Yaron, decided this morning (Monday) to remove the license restrictions from the first digital bank, Van Zero, Founded by the former CEO of Mobilai, Prof. Amnon Shashua. The decision was made after the establishment of an outline at the Bank of Israel to increase competition in the country’s banking market, and this is the first time in 43 years that a new bank has been established in Israel.
In a statement, Prof. Amir Yaron said that “I am proud to approve today for Van Zero, the new digital bank, the removal of all restrictions from its banking license. After 43 years a new bank is established in Israel, and this is another line for competition and innovation in the banking and financial system. “The digital bank is meeting the challenges involved in establishing the bank. It has the potential of this move, combined with additional steps that we have promoted to increase competition in the banking system.”
He added: “The regulator will continue to closely monitor the bank professionally and lend it further, as we do with every bank in Israel. I wish the bank 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, also said: “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 allow the establishment of a new bank in Israel.”
Source: Maariv.co.il – כלכלה בארץ by www.maariv.co.il.
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