An Israeli Digital Bank May Only Be One Year Away, Says Local Regulator
Several businesses approached the country's central bank seeking to get a license to operate as a local digital bank
Collaboration between banks and fintech entities is a win-win situation, Ms. Bar said. While more and more such partnerships can be seen in the domains of regulatory technology and payment and procedure automation, she said. When it comes to transferring payments, there is still a lot of room for improvement, she added.Ms. Bar named China as an example of a country at the forefront of fintech innovations. “In China, people use their smartphones to pay shops and street vendors,” sha said. People who would not normally be approved for credit have a digital bank account, which they operate exclusively from their phones, Ms. Bar added.