The Governor of the Bank of Israel and the Supervisor of Banks notified Van Zero Digital Bank Ltd. of the Governor’s approval to remove the restrictions from the Bank’s license after the Bank has complied with the established milestones and after the Supervisor has approved the completion of the establishment process.
Van Zero Digital Bank Ltd. (hereinafter – Van Zero, the Bank) has completed compliance with all the milestones set for the establishment of the Bank, including raising capital to the required extent, and after the Supervisor of Banks approved the completion of the Bank’s establishment process, the Governor signed an approval for the Bank. On the removal of the restrictions from the Bank’s license, and the continuation of its activities according to its business plan.
In this way, the Bank has completed its preparations and its status is the same as that of all other banks in Israel, and it is supervised by the Supervisor of Banks at the Bank of Israel to ensure its stability and to preserve the money of its depositors.
Van Zero is a bank controlled by Prof. Amnon Shashua, and managed by Shuki Oren, Chairman of the Board, and Gal Bar-Da’a, CEO of the Bank.
The bank was granted a limited license on December 30, 2019, and involved the completion of administrative and operational preparations for the establishment of the bank, establishment of information systems and infrastructure including through the computer services bureau that received a grant from the state, connecting the bank to payment and clearing systems. Attached is a link to expand on the licensing process, as well as an infographic document to describe the process.
After no new bank was established in Israel for 43 years, the challenges involved in establishing the bank were many and innovative. The Bank was established under the close supervision of many factors at the Bank of Israel. The Bank’s readiness was examined in terms of information security and cyber, technological risk management, assessment of the quality of risk management and the existing supervision and control tools in the Bank.
Remarks by the Governor of the Bank of Israel, Prof. Amir Yaron:
“I am proud to approve today for One Zero, the new digital bank, the removal of all restrictions from its banking license. After 43 years, a new bank is established in Israel, and this is another line for competition and innovation in the banking and financial system. The Bank has the ability of this move, combined with other steps we have promoted to increase competition in the banking system. For competition and consumer welfare. “