The first digital bank in Israel since 1978, Yesterday got the approval

First Digital Bank, the first new bank in Israel since 1978, started operations on Sunday on a trial basis.

First Digital Bank was founded by Israeli computer scientist Amnon Shashua, who co-founded Intel's self-driving car business Mobileye. The bank has 140 employees and has begun opening accounts and providing banking services for a closed group of customers.

Shashua said that the bank will use artificial intelligence and other innovative technologies to meet customer needs.The bank will have no branch and will focus on retail services, including lending to families and accepting deposits. Online accounts will open.

In the third quarter, the bank will offer its services to an additional 1,000 customers before opening to the general public at the end of 2021. Amon Shashua, founder of First Digital Bank, has invested $ 60 million in the venture.

The bank will have no branch and will focus on retail services, including lending to families and accepting deposits. It will start extending credit to households and accepting deposits. Opening accounts will be done online.

In the third quarter, the bank will offer its services to 1,000 additional customers before opening to the general public towards the end of 2021. Israel has five main banking groups, led by Hapoalim and Leumi, which together account for more than half of the market.

"We will offer a new model," said Gal Bar Dea, CEO of the First Digital Bank.