The governor of the Bank of Israel and the supervisor of banks have notified One Zero Digital Bank of the governor’s approval to remove the restrictions from the bank’s licence, after the bank completed the process of meeting the milestones set for it, and after the supervisor’s certification of the completion of the establishment process.
The governor has signed the approval for its continued operation according to its business plan. The bank has thereby completed its preparations, and its status is now the same as that of all the other banks in Israel—supervised by the Bank of Israel’s Banking Supervision Department to ensure its stability and protect the depositors’ money.
One Zero is a bank controlled by Prof. Amnon Shashua, and managed by Chairman of the Board of Directors Shuki Oren, and CEO Gal Bar Deah. The bank was given a restricted license on December 30, 2019. The bank’s readiness was examined in terms of information security and cyber-protection, technological risk management, evaluation of the quality of risk management, and the supervisory and control tools existing at the bank.
Bank of Israel Governor Prof. Amir Yaron said: “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. I hope that its establishment will pave the way for other banks to contribute to competition and to the well-being of consumers.”
