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Bank of Israel awards One Zero full banking license

  • January 10, 2022

This morning, the Governor of the Bank of Israel and the Supervisor of Banks informed One Zero Digital Bank Ltd. (formerly The First Digital Bank), the new Israeli bank controlled by Mobileye founder Amnon Shashua, that the restrictions on the bank’s license had been removed. Governor of the Bank of Israel Amir Yaron removed the restrictions after Supervisor of Banks Yair Avidan confirmed that One Zero had met the milestones set for it and that the procedure for setting up the bank had been completed.

The license was dependent upon the completion of administrative and operational preparations to establish the bank, the establishment of information systems and infrastructure including through a computer services center that obtained a grant from the State, connection of the bank to the payment and settlement systems and to monetary tools, the completion of a pilot process, and raising the necessary capital.

One Zero now has equivalent status to all the other banks in Israel, and is regulated by the Supervisor of Banks Department at the Bank of Israel, which is charged with ensuring the stability of the banking system and the safety of money deposited in it.

One Zero is controlled by Shashua, and managed by its board chairperson Shouky Oren and CEO Gal Bar Dea.

The Bank of Israel said in its announcement, “Following 43 years in which no new bank was established in Israel, there were numerous innovative challenges involved in establishing the bank. The bank was established with the close guidance of many entities at the Bank of Israel. The bank’s readiness was examined in terms of information security and cyber-protection, technological risk management, evaluation of the quality of risk management, and the supervisory and control tools existing at the bank.”

“After 43 years, a new bank is being established in Israel, and this is further good news for competition and innovation in the banking and financial industry,” Yaron said. “I congratulate the management and employees of One Zero Digital Bank for meeting the challenges involved in establishing the bank. This process, combined with other steps we have advanced, has the ability to increase competition in the banking system. I wish the bank success, and hope that its establishment will pave the way for other banks to contribute to competition and to the well-being of consumers.”

“This is a happy occasion for me as Supervisor,” Avidan added. “The Banking Supervision Department has worked hard in recent years to create the conditions and remove barriers to enable the establishment of a new bank in Israel. This is another element among the measures being advanced by the Bank of Israel to increase competition in the financial system. We have guided, and we will continue to guide, the bank in its work, we will supervise its integration into the banking system, and we will work to assist any other entrepreneur that wants to establish a bank in Israel.”

One Zero chairperson Shouky Oren said, “Obtaining the permanent license is an important milestone on the way to genuine competition in Israeli banking. No new bank has been founded in Israel for 43 years. The Bank of Israel has confirmed that we are ready and able to offer a complete, secure, competitive alternative for households in Israel.”

Published by Globes, Israel business news – en.globes.co.il – on January 10, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


Article source: https://www.globes.co.il/en/article-1001397973

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