Israel’s new digital bank set to shake up the banking sector
“Israel is going to get its first new independent bank for the first time in 43 years. The First Digital Bank has begun a trial run of operations with bank accounts for its employees, with the goal of opening to the public by the end of 2021.
Israel’s banking sector is dominated by five large banks that control 98% of the market, First Digital Bank said. The banks charge fees for transactions that rank among the highest in the Western world and are the frequent targets of public scorn.”