The bank will have no branch and will focus on retail services, including lending to families and accepting deposits.
Amon Shashua, founder of First Digital Bank, has invested $ 60 million in the venture
The first digital bank, the first digital bank in Israel since 1978, began operations on Sunday on a trial basis, and said it planned to open to the public later in 2021.
The bank, which was approved by Israel’s banking regulator last year, has 140 employees and has started opening accounts and is providing all banking services to a closed group of customers.
The first digital bank was founded by Amon Shashua, co-founder of Intel’s autonomous car business Mobileye. Shashua has invested $ 60 million in the venture and the bank has said it will raise additional funds to expand its operations.
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.