First Digital Bank (provisional name), controlled by Amnon Shashua, today announced that it has entered an agreement with Isracard, Israel's largest credit card company, to jointly issue and manage debit cards for First Digital Bank’s customers. Digital Bank’s customers will be able to choose from Isracard’s broad range of Isracard’s international cards.
The cards for First Digital Bank’s customers will be issued under MasterCard. Most of the leading digital banks and fintech entities in operation today, including Starling Monzo, N26, Bank, and Revolut, have also chosen MasterCard for their credit cards.
The collaboration with Isracard is an additional strategic milestone toward the establishment of the first independent digital bank in Israel, which hopes to be operating by the end of next year. First Digital Bank is about to complete its registration as a member of the Tel Aviv Stock Exchange, enter a mutual recognition agreement with other banks, and other engagements required to allow its customers to trade on other stock exchanges worldwide. Significant progress was achieved in the development of the Bank’s core system with the configuration of the banking products, services, and regulatory processes nearing completion. The Bank’s departments, including support and customer care desks, are also being set up.
First Digital Bank CEO Gal Bar Dea said, "We are establishing the First Digital Bank in Israel to empower customers and give them better control of their finance with a bank they would trust. 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."
Isracard Group CEO Ron Wexler said, "Isracard Group is proud to enter a long term collaboration agreement with First Digital Bank. The agreement positions us as an active player in the innovative banking industry of the future."
Published by Globes, Israel business news - en.globes.co.il - on May 19, 2020
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