Israel’s new digital bank has reached an agreement with Isracard, the country’s largest credit card company, to jointly issue and manage local and international credit and debit cards for the bank’s customers.
The cards for the digital bank’s customers will be issued under the MasterCard brand.
The collaboration with Isracard is an additional strategic milestone toward the setting up of the first independent digital bank in Israel, the bank said in a statement. The bank is also about to complete its registration as a member of the Tel Aviv Stock Exchange and enter a mutual recognition agreement with other banks, along with other engagements required to allow its customers to trade on other stock exchanges worldwide.
“While the road ahead is still long, we are progressing as planned. We have the license, the funding, and the management team. The technology is being developed and we have just secured the credit cards for our customers,” said Gal Bar Dea, the CEO of the digital bank, provisionally named First Digital Bank.
Ron Wexler, CEO of Isracard Group, said that the long-term agreement with First Digital Bank positions the group as “an active player in the innovative banking industry of the future.”
Earlier this month, Amnon Shashua, the CEO of Mobileye and a controlling shareholder of the new digital bank, said he will be taking the helm of the bank by becoming its sole controlling shareholder.
In September, the Bank of Israel gave a nod of approval for the establishment of the bank, Israel’s first new bank in some 40 years.