JERUSALEM, Feb. 28 (Xinhua) -- Israel's central bank has opened the market of Israeli payment systems to international payment service providers, said a statement issued by the bank on Tuesday.
The access will allow foreign fintech companies to offer bank transfer services in Israel, including instant transfers, and issue credit cards in the country.
These services are currently offered only by local banks, credit card companies, and payment applications.
The central bank said it expects the announcement to bolster innovation in the payments arena and to spur the entry of new market participants.
In order to gain access to the systems, a foreign company must meet several conditions, such as having a valid foreign license in payment services, activity for at least two years, currently providing service to at least 5 million customers, sufficient information security, and more. ■
