The Capital Markets, Insurance and Savings Authority has approved the deal subject to restrictions. The Competition Authority remains the last, and most difficult, hurdle.
For financial service providers in Israel, including of non-bank credit and financial asset services, 2022 was the year of regulatory creation. Regulatory authorities published a number.
In recent years, the Israeli government and the Bank of Israel have been initiating various actions that are intended to implement the open banking reform. The primary aim of the reform is to increase competition in the Israeli financial services market, which is currently rather concentrated and consists of a relatively small number of players. One of the key steps of the reform is the recent adoption of new legislation – namely, the Financial Information Service Law 2021.