Revolut Receives Conditional Banking License in Israel
Translated & summarized from TheMarker by baba
British fintech company Revolut has received a conditional banking license in Israel, with services expected to launch within a year after meeting further requirements. This is the third new banking license in Israel since December 2019, ending a 40-year drought. The company's chairman is Shmuel (Muli) Ben Tzvi and the CEO is Ori Nathan. It is yet to be determined how Revolut will compete with established banks.
The story in 5 lines · by baba
- Revolut received a conditional banking license in Israel, allowing it to offer services to the public.
- The Supervisor of Banks expects Revolut to launch services to the public in under a year.
- This is the third new banking license in Israel since December 2019, after a 40-year gap.
- Revolut Bank Israel's chairman is Shmuel (Muli) Ben Tzvi and its CEO is Ori Nathan.
- Revolut's specific offerings and impact on traditional banks remain uncertain.
British fintech giant Revolut has been granted a conditional banking license in Israel, marking a significant development in the country's financial sector. The approval, received on Tuesday, signifies that after meeting further milestones and completing a pilot program, Revolut Bank Israel will be permitted to open its services to the public. The Supervisor of Banks anticipates this could happen in less than a year.
This is the third new banking license issued in Israel since December 2019, following licenses granted to One Zero and Ashra. This follows a 40-year period without any new banks being established in the country. The leadership of Revolut Bank Israel includes Chairman Shmuel (Muli) Ben Tzvi and CEO Ori Nathan. It remains unclear what Revolut's specific value proposition will be for the Israeli public and whether it will significantly challenge traditional banks.
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