HitechZone and Cal Launch Joint Digital Foreign Currency Wallet
HitechZone, a consumer club, has partnered with the credit card company Cal to launch a new digital foreign currency wallet. This service will allow users to purchase foreign currency through the Cal app, manage balances in various currencies, and make payments abroad or on websites without incurring conversion fees at the point of purchase. For HitechZone members with non-bank credit cards, the foreign currency balance will be directly linked to their existing card and managed within the Cal interface. When paying abroad in a currency held in the wallet, the transaction will be deducted from the pre-purchased balance instead of requiring a new conversion. Users will also be able to withdraw cash abroad using these balances.
Members with bank-issued cards (from Bank Hapoalim or Mizrahi Tefahot) can join the service via a dedicated card for the wallet, with options for integration with Apple Pay and Google Pay. HitechZone and Cal are entering a competitive market that includes specialized players like LAYA and PassportCard, with competition focusing on exchange rates, fees, and user convenience as alternatives to purchasing cash in advance or using a regular credit card abroad. For HitechZone, this initiative represents a broader strategy to transform its credit card and club membership into a platform for additional financial services, leveraging its ability to quickly direct thousands of customers to a financial institution.
In other news, lawyer Ronel Bibi has been appointed CEO of the real estate company Ofek Holdings, specializing in urban renewal. Alexander Basanvitch has been appointed manager of the sorting facility at Park Duda'im, and Shimi Manshiro is now responsible for AI at Israel Technologies. The company i-EcoGuard, which develops smart sheeting for greenhouses, won the "Israel Earth" award of one million shekels from Toyota Israel and Union Group. This award is intended to expand development and establish pilot sites in Israel. Separately, Verso will compensate Opticana and Omer Adam 800,000 shekels each.
