Revolut Secures Conditional License for Digital Bank in Israel
Summarized from The Times of Israel by baba
Fintech giant Revolut received a conditional license from the Bank of Israel to establish a new digital bank, Bank Revolut Israel, aiming to boost competition in the concentrated banking sector. The approval is part of a regulatory push to lower fees and increase customer rates. Revolut, a global digital bank serving over 80 million customers, will now work to meet final requirements before launching services in Israel. The move follows the establishment of other new digital banks in the country.
The story in 5 lines · by baba
- Revolut received a conditional license from the Bank of Israel to establish a new digital bank.
- The move aims to increase competition in Israel's highly concentrated banking sector.
- Finance Minister Bezalel Smotrich supports the initiative as part of economic policy.
- Bank Revolut Israel will be led by CEO Uri Nathan and Chairman Shmuel Ben Zvi.
- This is the third license for a new bank granted by Israel's central bank since December 2019.
The Times of Israel publishes in English. The key points are summarized above. Read The Times of Israel’s full report from the link at the top of the page.
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