bank of israel has approved Nacht family to form the first digital bank in Israel

The Bank of Israel Supervisor, headed by Supervisor Dr. Hedva Bar, and the Bank of Israel, headed by Prof. Amir Yaron, announced that they have approved a new bank in Israel. The Central Bank and the Banking Supervision Authority decided to grant a bank license to Marius Nacht's digital bank Jack Point, to which Amnon Shaashua minority shareholder, founder and manager of Mobilai and Orkam is a member.
Alongside them is expected to be appointed bank chairman Shuki Oren, with the appointed CEO being a senior gal who was previously a senior at Leumi Digital Bank. The last bank to receive approval from the Bank of Israel was the Bank of Fagi, which happened in 1978.
The Bank of Israel said today that "Governor of the Bank of Israel, Prof. Amir Yaron, and the Supervisor of Banks, Dr. Hedva Bar, informed entrepreneurs Marius Nacht and Prof. Amnon Sheshua that the Banking Supervision has completed the review process and the Governor is preparing to grant a license to the Bank and permit it to control it. "According to the business plan presented by the Supervisor of Banks, they intend to establish a digital bank, without branches, and focus on providing banking services to households, including providing credit, receiving deposits, managing current accounts, and providing buying and selling securities.
"I am very excited. This is an important day. After many years, we have completed a process and approved the establishment of a new bank. This is a bank owned by the developers Marius Nacht and Prof. Amnon Sheshua - two very serious people, who we tested and their business plan for the past year," she said. Today, Supervisor Bar added that "under the supervision of the banks and the Bank of Israel, we believe that they can make the banking breakthrough with the knowledge and experience demonstrated in other industries, and they are committed to the mission, with the goal of leading a market change." Barr also said she hopes Nacht and Amusement "will bring a change thanks to the technology that enables these things."
 The approval for the Digital Bank will allow him to advance his preparation for reaching the market and end consumers, thanks in part to cooperation with the State Banking Services Bureau, which won the TATA-led state-owned TCS group and will provide a banking system for banking, small banks and credit unions. As part of the winning tender, you will receive a grant from the state - but only after you have connected with at least one bank, in this case the bank that leads to Nacht.
The Supervisor also said that there are other groups of entrepreneurs who are in contact with the Banking Supervision, with the aim of setting up a bank, including the Postal Bank, and "there is a process". She also said that "we have changed the licensing process and I invite any entrepreneur who wants to set up a bank."
The Nacht Amusement Group said: "We are proud to be the first group in 40 years to receive a license from the state to establish a new bank in Israel - and of course, the Bank of Israel and the Ministry of Finance are congratulated on the vision and courage to lead a move to encourage innovation and competition in banking. It is worth noting that we are in the early stages Another long way to go. "
The Bank's approval represents a significant step in promoting a goal that the Banking Supervision Department set itself several years ago: to proactively increase competition in the banking system in various ways, including by issuing a license to the Bank or new banks. To get to the point of granting the Bank of Israel license changed the rules and eased and removed barriers facing the establishment of a new bank. Among other things, this is a reduction of the initial capital requirement in establishing a bank, from NIS 400 million to a current demand of NIS 50 million.