Israel’s new digital bank set to shake up the banking sector

(photo credit: YANAI YECHIEL)
  • “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.”

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