Israeli lender Bank Leumi, part of Leumi Group, is reportedly set to venture into the P2P (peer-to-peer) loan market.
The lender is also looking to promote the platform overseas, as the platform being technological does not require the opening of branches or capital, Israeli financial daily Globes reported.
Also, the bank will not provide the loans from its own sources, the report says.
P2P loan service allows lending money to unrelated individuals, without going through a traditional financial intermediary such as a bank or other traditional financial institution.
In April 2015, the bank launched LeumiTech in New York, which offers financial products and services to Israeli high-tech companies operating in the US or those with an Israeli connection through Bank Leumi USA.
The Leumi Group has total of over $314bn assets under management with aims to drive Israel’s economic and industrial development.