New Financial Regulation in Israel: The Regulation of Payment and Payment Initiation Services Law
The Knesset has recently concluded the legislation of the Regulation of Payment Services and Payment Initiation Law 2023. Under the new law, the Israel Securities Authority was appointed to oversee payment services in Israel and a complex licensing regime
was established for Israeli and foreign companies that currently provide or will provide in the future all types of payment services in Israel, such as payment applications, electronic wallets, and payment clearing services for businesses. The law
also regulates and allows for an additional type of payment service not yet available in Israel: payment initiation services.
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