Similar to Israel’s other banks, it will be under the supervision of the banking supervision division, and will have access to the Bank of Israel’s various tools and payment systems.According to the plan Nacht and Shashua presented, the bank will have no brick and mortar branches, and will focus on banking services for households such as credit lines, deposits, checking account management, and securities brokerage.
All Rights Reserved.The contract involves developing and deploying the bank’s core technology infrastructure. The Bank of Israel has granted a licence for a digital bank to be established in the country, laying the groundwork for the creation of the first new bank for 40 years. Photo: Reuters / Dado Ruvic.Get our exclusive daily news briefing.Bar stated that the banking supervision division will closely support the venture going forward, as it did for the past year, and will do the same for other entrepreneurs looking to set up new banks.CTech – The digital banking venture of Marius Nacht, co-founder of Check Point Software Technologies, and Amnon Shashua, the co-founder and…get the best of the algemeiner straight to your inbox! Shashua, co-founder and CEO of Mobileye, will buy all of Marius Nacht's holdings and committed to doubling his investment in the online bank to $60 million.
Nacht and Shashua stated that while they are proud of receiving the license, the venture is still in its initial stages and still has a long way to go.The new bank will be based on computing systems manufactured by Mumbai-headquartered Tata Consultancy Services of the TATA Group.
Tagged: marius nacht New Israel-based Digital Bank Established by Tech Entrepreneurs to Begin Providing Services in 2021 January 27, 2020 @ 12:39 pm By Omar Faridi | Establishing the new bank’s infrastructure will reportedly require hundreds of software engineers and developers based in Israel and abroad.The bank’s equity, which will be approved by the Bank of Israel, stands at $120 million.
In September, the Bank of Israel gave a nod of approval for the establishment of the bank, Israel’s first new bank in some 40 years, led by Nacht and Shashua. Shashua, co-founder and CEO of Mobileye, will buy all of Marius Nacht's holdings and committed to doubling his investment in the online bank to $60 million. The digital bank said it plans to recruit several new employees by the end of 2020, well ahead of the company’s launch next year.© 2020 Crowded Media Group. The two firms have captured around 55% percent of the country’s market share, and each operates its own digital banking divisions, Pepper and Bit.Several smaller banks such as Bank Mizrahi-Tfahot, Benleumi, and Bank Discount, also provide services in the sector.Nacht and Shashua’s virtual bank won’t have physical branch locations and will primarily focus on offering banking services to households.
The new digital bank will be able to access Bank of Israel’s liquidity tools, including monetary loans and monetary deposits, along with its different payment systems. The tests conducted by the Bank of Israel pertained to the integrity and financial strength of both entrepreneurs, and to the required regulatory preparedness. Founded by entrepreneurs Amnon Shashua and Marius Nacht, it has an equity of around $120 million. While Israeli banks have started adapting to the digital revolution by digitizing various services, with a particular focus on payment apps, a digital-only bank will be a different thing altogether.Bitcoin, illustrative. These services will reportedly include credit, deposits, account management, securities purchasing, and sales services. It was given the green light by the Bank of Israel in September 2019, which has been looking for ways to diversify the Israeli banking sector.
The bank will also be able to offer all the services provided right now by local banks.The bank, which is notably Israel’s first new bank in the past 40 years, noted that it has informed the nation’s Ministry of Finance and the Bank of Israel (BOI) about finalizing a contract with giant Indian conglomerate TATA Group.TCS’ management noted that it provides services to around 300 financial institutions globally and has around half a million professionals on its payroll across 46 different countries, which includes Israel. The digital bank is led by entrepreneurs Marius Nacht of cyber security company Check Point Software Technologies, and Amnon Shashua of autonomous driving developer Mobileye NV.