First Digital Bank has begun operations in Israel, becoming the first new bank in the country since 1978.
According to Reuters, the bank will embark on a trial period, with an expanded opening later in the year as it continues to grow its offering and establish its footprint in the country’s financial ecosystem.
The bank has launched with the ambition of offering a new model and providing a new service to Israeli consumers, as it focuses on a digital platform and artificial intelligence in order to provide a personalised service.
The initial trial period comes after the bank landed $60 million in funding after the efforts of founder Amnon Shashua, who is also co-founder of Intel’s autonomous car business Mobileye.
A further element the bank will bring to the market is constant availability, with it being open round the clock – something new to the market in Israel.