Bank of Israel granted a bank license and permits to a new bank which will be called "Esh-Bank"


by Ifi Reporter Category:Capital Market Dec 25, 2022

Bank of Israel Governor Amir Yaron and Bank Supervisor Yair Avidan granted a bank license and permits to control the bank - which will be called Ash Israel Bank. Bank entrepreneurs Yuval Aloni, Nir Tsuk, Alex Liberant and Alon Shay received the permit. Prof. Shmuel Hauser, former head of the Israel Securities Authority, will serve as chairman of the bank.
This is the second license given to a new bank in the system within a period of three years. The receipt of the control permits and the conditional bank license will allow the entrepreneurs to move forward and complete the mechanical, operational and regulatory preparations required for the start of the bank's operations, including completing the development and testing phases of the new technology, completing the recruitment of the management team and the additional manpower required to establish the bank, building the policies, procedures and the processes in its main areas of activity. The establishment period of the bank will last about a year and a half.
Governor Yaron said in response: "The reforms and moves that the Bank of Israel has been leading in recent years to promote competition and innovation in the financial system today allow the establishment of another new bank. These processes take time but bear fruit along with them. This is an ongoing process that we have been leading at the bank in recent years and will continue to promote with full vigor. We see It is very important for banks and additional new players to enter the banking system in Israel, so that they contribute to increasing competition and innovation in the financial system. It is evident that the group of entrepreneurs is diverse and brings with it strengths in various fields, among them entrepreneurs with technological and international business experience. I would like to wish the entrepreneurs great success in establishing the new bank. A new bank in Israel represents confidence in the Israeli economy and the banking system and its supervision."
Inspector Avidan said: "A few years ago, the banking supervision set as a goal the establishment of the financial system as a competitive and advanced system for the benefit of customers, and in the process a specific goal was defined of lowering barriers to the establishment of a new bank. Granting licenses to new banks is one of the many steps that we have promoted together with other partners In recent years, to increase competition in the financial system, including an open banking project, a project to switch from bank to bank in a click, and the establishment of a dedicated supervision unit that accompanies the establishment of new banks from the initiation stage to execution. The many changes that have been implemented in recent times have contributed to creating an environment with competitive conditions and allowed the supervision of banks to promote the establishment of a new bank added, to increase competition and for the benefit of the general public. The supervision of banks will continue more strongly to promote additional moves to increase competition in the financial system from the point of view of the customer at the center."
Hauser said: "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 passed on directly to customers. This will be reflected in attractive interest rates, services No commissions, no subscription fees, and no preconditions such as salary transfer."
The recently established digital bank has already managed to recruit several tens of thousands of customers.



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