Bank of Israel Grants Temporary License to Revolut Group to Establish a Bank in Israel
The Bank of Israel has granted the global Revolut Group a temporary banking license to establish "Revolut Bank Israel," as part of the move to open the banking market to competition. The license was granted…
Assessment
The Bank of Israel has granted Revolut a temporary license to establish a bank in Israel, marking a concrete step in the government's push to break up the concentrated banking sector. This is not just another fintech app operating under an existing bank's license. Revolut will become a licensed bank itself, competing directly with the five large groups that dominate Israeli banking. The Finance Minister calling it a strategic move signals political backing for the reform. Watch for how quickly Revolut moves from temporary to permanent license and what services it offers first.