Bank Leumi is Israel's oldest bank, having founded in 1902 as a subsidiary of the Jewish Colonial Trust. Its primary aim was to promote industry, construction, agriculture and infrastructure in the land that was to subsequently become Israel. Today, it is Israel's largest bank by total assets ($198.1 billion as at the end of 2022) and in branch numbers and with overseas offices in many world capitals. The bank is in the hands of private investors, although the government is the largest single shareholder. It leads the digital banking sector in Israel with a host of innovative digital products and services.
Bank Leumi has a fintech company, called FinTeka, which provides fintechs with access to the bank's open banking operations, infrastructure and capabilities. The bank has engaged Amazon Web Services as a strategic partner.
HELPING FINTECHS
FinTeka, Bank Leumi describes, is a dedicated open banking subsidiary. Through this, the bank aims to create a new, agile fintech culture and simplify communications with its external developer community. It aims to create an API marketplace that would support the bank's open banking strategy.
What FinTeka does is to offer external developers an easy access to a rich portfolio of open PIs so they could create new, exciting customer experiences. The bank has identified global digital transformation company GFT as its delivery partner in this effort. The 2 together aim to:
This story is from the September 2023 edition of Banking Frontiers.
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This story is from the September 2023 edition of Banking Frontiers.
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