Revolut is moving closer to launching a bank in Israel after securing a conditional licence from the country’s central bank.

The Bank of Israel also granted the UK-based fintech a control permit for the proposed entity, Revolut Bank Israel.

The bank must still meet regulatory, technology and operational requirements before it can begin operations.

The central bank will oversee the process before lifting the remaining licence restrictions.

This is the third licence granted to a new bank in Israel since December 2019, following roughly 40 years without new banking entrants.

The approval reflects the central bank’s efforts to increase competition in the banking sector.

Revolut Bank Israel will be chaired by Shmuel (Molly) Ben-Zvi, with Uri Nathan serving as CEO.

Featured image: Edited by Fintech News Middle East, based on image by Bank of Israel