Israel to Set Up Fast Track for Licensing Fintech Projects

The Capital Markets, Insurance, and Savings Division of the Israeli Ministry of Finance is looking to set up a fast track for licensing local fintech companies, the division announced Monday.

According to the division, there are currently 2,000 different entities awaiting approval and licensing, many dozens of which are fintech and blockchain companies that need to make only slight adjustments to their business model or technology to comply with current regulations.

The division also stated it intends to examine ways to ease regulations where investments in insurtech projects by insurance companies are concerned.