The Chairman of the Securities Authority, Anat Guetta, this morning (Wednesday) for the first time set a deadline for the granting of licenses to fintech companies in the field of financial information services and payment services. “As early as March 2022 we intend to grant first licenses to the new players that are on the horizon,” Guetta said at the 11th Securities Authority Corporate Conference.
“As part of the changes taking place in the financial system today, the Securities Authority has taken on the responsibility of regulating the fintech activities. We thank the Minister of Finance for the trust he has placed in us,” she added, noting the impact of new entrants on the public. “The public will be able to receive a variety of services digitally and simply by the new players. The consumer public will be able to choose the financial service they need. Whether it is loans, deposits, investment advisory services, mortgages and all related banking services,” said the chairman of the Ni Authority. E.
According to her, small and medium-sized businesses will also be affected by the move. The new space that will be created will allow small and medium-sized businesses to receive cheaper financial services. The new space will offer a variety of alternatives for obtaining fast and cheap non-bank credit through advanced technology and the use of databases. Of about 30,000 businesses each year, partly because their access to efficient sources of financing is limited or non-existent.The non-bank credit market for small and medium-sized businesses has stalled since before and to date, accounting for about 2.3% of all small and medium-sized business credit. This means that the banks are still in complete control of the fate of small and medium-sized businesses in Israel and our goal is to create quality and cheap alternatives for them, “Guetta explained.
“The financial market is at war. The Game of Thrones is here, the centers of power and intermediation are being undermined and changing. The control of the financial consumer public, which has hitherto been in the hands of the banks, is moving to the battlefield of new players undermining traditional hegemony. The balance of power is changing. Big Techs come up with new plans. They challenge traditional business models. They come up with more sophisticated weapons – technological and advanced. “It’s not just a war with us, it’s a war all over the world,” she said.
“Blockchain technology can not be ignored”
In her speech, Guetta also addressed the worlds of blockchain and digital currencies. “When we talk about a war in the financial market, we must also talk about the new, turbulent and kicking market that seeks to undermine the rules of the game. I am talking about the crypto market and digital assets that create both risk and opportunity. Blockchain technology presents us facts that can not be ignored. Technology challenges The Securities Act, the definition of currency and the definition of financial assets and in fact pushes us, the regulators into a corner, “she said.
“Regulation must keep pace with the public in order to receive the appropriate protection and to realize the full economic potential inherent in the development of activity in the country. “It is a loss of intellectual property and revenue from technology developed by Israeli entrepreneurs to competing countries. This is an unrealized opportunity, at this stage. A holistic regulation in the field of crypto is required. A regulation that will provide a comprehensive solution to all aspects involved in this activity,” said the PA chairman.
“The situation in which the world of digital assets is regulated and operates in a way that creates broad cracks, creates delinquency, encourages economic crime and blocks the development of financial activity and legitimate use of the tools it provides. I am glad the finance minister has placed this issue And is willing to take on the authority for holistic oversight of the field, “she explained.
The Minister of Finance, Avigdor Lieberman, addressed the issue of crypto at the Globes Business Conference yesterday. “Crypto is the biggest danger to the monetary system,” he said in an interview with Globes editor Naama Sikular. “In China it was outlawed. In Salvador it was put into a system and it does not work. There are a lot of digital coins that do not know who is behind them. We are trying to dress up money laundering terrorism and drugs. There are 14,000 cryptocurrencies in the world, and there is no global regulation. We do. “
Will there be Israeli regulation in the field of crypto?
Lieberman: “First you have to understand who the regulator is. The Capital Market Authority? The Securities Authority? The Bank of Israel? Is crypto a financial asset or a security? There are no legal definitions, it is very complex. By the end of 2022, I believe we will incorporate it in legislation.”
“The controlling shareholders’ friends are men and they promote them to you”
Guetta ended her speech by calling for the advancement of women and gender diversity, while referring to the character of Halisi in the Game of Thrones series. “Halisi is a leader, strong, smart, who worked in a male company, who managed to get behind the scenes to the front of the stage and change the course of history and the way the game is played. There is a lot of Halisi in the Israeli market. Here too, in this hall. saying.
“In 2021, in an advanced and enlightened country, where Israeli women stand out for their achievements in Israel and around the world, only 16% of companies have more than 35% women on the board. To me, this is an unbearable situation. This is not the world I want to leave to my granddaughters. “Gender diversity is the basis for everything. Diversity produces growth and innovation and these are essential values for ensuring the sustainability of bodies in the long run,” Guetta said.
“So how is it that in Israel we are still behind? The Israeli capital market is characterized by the fact that most public companies are controlled by controlling shareholders. Each of them has the closest circles. They are mostly men. Not because they do not value women. Most of them probably have a partner. And successful girls, which they are proud of. Therefore, I set up the 35 Plus Forum – I believe it’s time to act to change the situation. The forum will promote gender diversity, while connecting all stakeholders to the topic. Since we announced the establishment of the forum, we have received inquiries from many bodies interested in helping to advance the move.However, in order to influence, in addition to the power of the controlling shareholder, the support of minority shareholders is required to vote for gender diversity. “His voting policy will be based on gender diversity. I invite and encourage more bodies to join,” Guetta explained.