One Zero Digital Bank Ltd. is now officially and legally a bank in Israel. The Governor of the Bank of Israel BOI and the Supervisor of Banks have notified One Zero of the Governor’s approval to remove the restrictions from the bank’s license.
This is the first time in 43 years that a new bank was established in Israel. The decision was made after the bank completed the process of meeting the milestones set for it, and after the Supervisor’s certification of the completion of the establishment process.
One Zero is a bank controlled by Prof. Amnon Shashua, and managed by Chairman of the Board of Directors Shuki Oren, and CEO Gal Bar Deah.
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More and more, banking and finance is going digital, or if you prefer virtual. This is not about cryptocurrencies, but they are related to the subject. This is more about how banking is being done almost exclusively online these days, and through mobile devices.
Forbes explains that online banks have emerged in the financial services space as alternatives to brick-and-mortar banks, and have introduced new ways of banking. Forbes also says that today in the U.S. three in four Americans (76%) have used their primary bank’s mobile app within the last year for daily banking tasks, according to Ipsos-Forbes Advisor U.S. Weekly Consumer Confidence Survey data from February 2021.
So, a digital bank is one where a virtual process that includes online banking and more are the main way in which it does business. Digital banks must encompass the front end that consumers see, back end that bankers see through their servers and admin control panels and the middleware that connects these nodes. A digital bank should have all the same functions as a head office, such as, branch office, online service, bank cards, ATM and point of sale machines.
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— oneZero Financial Systems (@oneZeroFS) January 9, 2022
One Zero Digital Bank Ltdcompleted the process of meeting all the milestones set for the establishment of the bank, including raising the required amount of capital. One Zero has thereby completed its preparations, and its status is now the same as that of all the other banks in Israel—supervised by the Bank of Israel’s Banking Supervision Department to ensure its stability and in order to protect the money of its depositors.
One Zero was given a restricted license on December 30, 2019. The license was dependent upon the completion of administrative and operational preparations to establish the bank, the establishment of information systems and infrastructure including through a computer services center that obtained a grant from the State, connection of the bank to the payment and settlement systems and to monetary tools, the completion of a pilot process, and raising the necessary capital.
Bank of Israel Governor Prof. Amir Yaron said, “I am proud to approve today the removal of all restrictions from One Zero Digital Bank’s banking license. After 43 years, a new bank is being established in Israel, and this is further good news for competition and innovation in the banking and financial industry.”
“This process,” added Yaron, “combined with other steps we have advanced, has the ability to increase competition in the banking system. The Banking Supervision Department will continue closely supervising the bank professionally and guiding it along its path, as we do with each bank in Israel.”