Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) has reported in the past that it was looking for new growth engines in fintech and finance. This morning, the company published an invitation to receive offers from credit card companies for the provision of services and the establishment of a customer club offering a range of financial products based on nonbank credit card.
In the invitation sent to the credit companies operating in Israel, Partner seeks to receive offers for the provision of services from one credit card company. It states that the customer club will be based on an infrastructure of an international credit card company (Visa or MasterCard) and/or an international private label (American Express or Diners).
The company says that this step is the first in a series of steps that it is working on as part of its activity formed under the name Partner Finance.
Partner CEO Isaac Benbenisti said, "The expansion of Partner's activity into the financial sector is a first for a communications company in Israel. We are starting today a significant journey and just as we knew how to initiate a change in the multi-channel television market and in the area of internet services over fiber optic infrastructure, I am certain that we will be able to expand the competition in the financial sector and bring real value to customers and investors.
"This operation, as part of the formed operation Partner Finance, will benefit from the advanced technological capabilities of the Partner Group, using the development resources and know-how of our Information Technology division. After an in-depth process that included the examination of similar models in the world and working with start-up companies active in the field of fintech, we are now beginning the next stage of our entry into the finance world."
Published by Globes, Israel business news - en.globes.co.il - on February 10, 2019
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