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February 11, 2019

Israeli communications operator Partner to enter credit card business

Partner Communications Company, a communications operator based in Israel, has released a tender for the launch of a customer club providing financial products based on nonbank credit card.

The customer club is expected to be based on the infrastructure of an international credit card firm such as Visa and MasterCard or an international private label like American Express and Diners.

The tender is also open to the credit companies operating in Israel.

The move is the first made by the Israeli communications operator as part of its entry into the financial services space.

Partner CEO Isaac Benbenisti said: “We are starting today a significant journey and just as we knew how to initiate a change in the multi-channel television market and in the area of internet services over fiber optic infrastructure, I am certain that we will be able to expand the competition in the financial sector and bring real value to customers and investors.

“This operation, as part of the formed operation Partner Finance, will benefit from the advanced technological capabilities of the Partner Group, using the development resources and know-how of our Information Technology division.”

Furthermore, Benbenisti called Partner’s foray into the financial services industry a first for an Israeli communications company.

The move is said to have been initiated following the examination of “similar models in the world” and collaboration with fintech start-ups.

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