Amnon Shashua Credit mobileye
One Zero, the new Israeli digital bank – Israel’s first – established by Israeli businessman Amnon Shashua previously called The First Digital Bank, is losing money big time. Globes reported that the firm has lost a total of 800 million Shekels ($220 million) to date. The firm lost more than 500 million Shekels over 2022 and 2023: $98 million in 2023 and $72 million in 2002 at the current exchange rates.
This is despite the fact that in January it was revealed that OneZero planned to enter into a deal with Italian bank Generali to establish a digital bank in Italy and further expand into Europe.
One Zero offers customers checking, credit cards, savings, loans, bank guarantees, cashier’s checks, ordering checkbooks, deposit by scanning checks and depositing postdated checks are all available in one app.
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One zero CEO Gal Bar Dea cited the ongoing war in Gaza as a cause of financial issues telling Globes, “Now the geopolitical situation is complex and since we are a bank that operates in the local market, we are exposed to the situation in Israel and if there is an event in the north it will have an impact. It is more realistic to raise money from new investors when there is certainty.”
More and more, banking and finance are 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.
Amnon Shashua is an Israeli computer scientist and entrepreneur, and the co-founder and CEO of Mobileye, a company developing advanced driver assistance systems (ADAS) and autonomous vehicle solutions.
Born in Jerusalem, Israel, in 1960, Amnon Shashua received his bachelor’s degree in computer engineering from Tel Aviv University in 1985 and his master’s degree in computer engineering from the Weizmann Institute of Science in 1988. He received his doctorate in artificial intelligence and cognitive science from the Massachusetts Institute of Technology (MIT), USA, in 1993.
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