One Zero Digital Banks Receives Its Restriction Free Banking License From the Bank of Israel

He was the governor of Bank of Israel and the Banking Supervisor Notified One Zero Digital Bank Ltd. The approval of the governor to remove restrictions from the bank’s license, after the bank has completed the process of fulfilling the milestones specified for it, and after the supervisor’s approval of the completion of the incorporation process.

Complete One Zero Digital Bank Ltd. (hereinafter referred to as “One Zero” or “the Bank”) the process of meeting all the parameters established for the establishment of the Bank, including the increase in the required amount of capital. After the bank supervisor ratified the bank’s completion of the process, the governor signed the approval to lift restrictions on the bank’s license and continue its work according to its work plan.

Thus, the bank has completed its preparations, and its position is now the same as that of all other banks in Israel – under the supervision of the Banking Supervision Department of the Bank of Israel to ensure its stability and to protect depositors’ money.

One Zero is a bank he controls a. Amnon ShashuaIt is managed by the Chairman of the Board of Directors This is Orin, CEO Gal Bar deyaa.

The bank was granted a restricted license on December 30, 2019. The license relied on completing the administrative and operational preparations for the establishment of the bank, and the establishment of information systems and infrastructure including through a computer service center that was granted a state grant. Connecting the bank to payment and settlement systems and monetary tools, completing the pilot process and increasing the required capital.

After 43 years in which no new bank was established in Israel, there were many innovative challenges involved in setting up the bank. The bank was established under the close guidance of several entities in the Bank of Israel. The readiness of the bank was examined in terms of information security and electronic protection, technological risk management, assessment of the quality of risk management, supervision and control tools in place in the bank.

Governor of the Bank of Israel Professor Amir Yaron He said, “I am proud to agree today to remove all restrictions from the banking license of One Zero Digital Bank. After 43 years, a new bank is being established in Israel, and this is another good news for competition and innovation in the banking and financial industry. I congratulate the management and staff of One Zero Digital Bank on Addressing the challenges involved in setting up the bank This process, along with the other steps we have introduced, has the potential to increase competition in the banking system The Banking Supervision Department will continue to closely supervise and professionally guide the Bank in its path, as we do with every bank in Israel. I wish the bank success, and I hope its establishment will pave the way for other banks to contribute to competition and the welfare of consumers.”

Banking Supervisor Yair Avidan He said, “This is a happy occasion for me as a supervisor. The Banking Supervision Department has worked hard in recent years to create conditions and remove obstacles to enable the establishment of a new bank in Israel. As part of this, regulatory changes were made to the supervisory directives, and the Banking Supervision Department directed the establishment of a Computer Service Centre, And the new Licensing and Banking Unit was established in the department to guide the creation of new banks from the implementation stage to the lifting of restrictions on bank licensing and more.This is another element among the measures that the Bank of Israel is putting forward to increase competition in the financial system.We have directed, and will continue to direct, the Bank in its work, and we will supervise We will work to help any other entrepreneur who wants to set up a bank in Israel.”

  • Frances Bennell

    Francis is a junior journalist with a BA in Classical Civilization, with a special interest in North and South America.

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