Payoneer announced on September 8 that it had received a license to operate in Israel under the country's payment services legislation. The company says it completed the regulatory approval process and is among the providers approved by the Israel Securities Authority.
Payoneer says the license enables businesses to collect funds, hold balances and make payments in Israel through a locally regulated entity. It targets Israeli businesses trading internationally, overseas companies operating in Israel and organizations transacting with Israeli counterparties.
The company also expects the approval to support relationships with local banks and integration with Israel's financial system. Oren Ryngler, its chief product and technology officer and Israel site lead, said the move would expand localized services for business account holders, enterprise clients and marketplaces.