(Bloomberg) -- Israel's first digital bank, One Zero Digital Bank Ltd., has received final approval to begin operations after raising sufficient capital and passing the necessary regulatory checks, the Bank of Israel announced on Monday.
The country's first new bank in 43 years is controlled by Amnon Shashua, the co-founder of Mobileye NV, Intel Corp.'s Israel-based autonomous vehicle unit. It will be managed by former Finance Ministry accountant-general Shuki Oren and Gal Bar Deah, who was vice president of products and services at Pepper, Bank Leumi Le-Israel Ltd.'s digital unit.
Read more: Tencent, Julius Baer Back First New Israel Bank in Over 40 Years
“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,” Bank of Israel Governor Amir Yaron said, according to the statement.
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