Bank of Israel Approves Revolut Banking License Amidst European Scrutiny
Translated & summarized from Cursorinfo by baba
The Bank of Israel has approved fintech company Revolut's application to launch a banking division in Israel, despite regulatory issues faced by Revolut in Europe. Governor Amir Yaron cited the move as a sign of confidence in Israel's economy and a step towards increased competition. The new entity will be known as Revolut Israel.
The story in 5 lines · by baba
- Revolut received approval from the Bank of Israel to launch a banking division in the country.
- The license was granted by Governor Amir Yaron, despite European regulatory concerns about Revolut.
- Revolut Israel will be the name of the new banking entity.
- Governor Yaron views the investment as a vote of confidence in Israel's economy and banking system.
- European regulators have previously imposed restrictions and fines on Revolut's operations.
The Bank of Israel has granted a license to the international fintech company Revolut to establish a banking division in Israel, named Revolut Israel. The approval was issued on Tuesday, November 10th, by Governor Amir Yaron, despite significant concerns raised by European regulators regarding Revolut's operations.
European authorities, including the European Central Bank, have imposed restrictions on Revolut's new product launches due to issues with risk management and internal procedures. The company is currently limited to offering existing services in the Eurozone. In April 2026, Italy's antitrust regulator fined Revolut €11.5 million for unfair commercial practices, a decision the company stated it is addressing through ongoing dialogue with regulators and adherence to corporate governance principles.
Governor Yaron met with Revolut representatives in London in 2022, noting the company's growth. He reiterated his commitment to fostering competition by encouraging new entrants into the financial market. Yaron stated that issuing the license to Revolut and considering other similar applications demonstrates the success of this policy.
"Revolut's investment is an expression of confidence in Israel's economy, its banking system, and its supervision," Yaron said, wishing Revolut success in establishing the new bank. Previously, the Bank of Israel announced plans to shift towards electronic channels as the primary method for banks to send notifications and documents to customers.
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