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One Zero Digital Bank has secured regulatory approval for a full banking licence from the Bank of Israel.

For 43 years, no new bank has been established in Israel.

One Zero had acquired a restricted license in December 2019 and has met all the requirements to establish a bank, which includes the capital requirements.

The bank, which is now on par with that of all the other lenders in Israel, will be supervised by the Bank of Israel’s Banking Supervision Department.

Amnon Shashua, the co-founder of Intel’s autonomous car business Mobileye, is the controlling shareholder of One Zero, while the former accountant-general of Israel Shuki Oren is the chairman.

The approval is part of the Bank of Israel’s efforts to further competition in the banking system.

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Bank of Israel Governor 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.

“This process, combined with other steps we have advanced, has the ability to increase competition in the banking system.

The Banking Supervision Department will continue closely supervising the bank professionally and guiding it along its path, as we do with each bank in Israel.”

In November 2021, Bank Leumi joined forces with GigaSpaces Technologies to accelerate the deployment of digital services.