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TASE Board of Directors approved in its meeting (December 19, 2021) the request of the fintech company, Fair Financial Technologies, to become a new member of TASE. Fair is planning to create a user-friendly digital fintech platform for the distribution of open-end mutual funds to the public in Israel.
Fair is part of a group that includes F.M.R. Computers & Software, which provides operating and IT services to TASE members, banks and investment houses. Another member of the group is Slice Gemel, a mutual funds management company.
Fair is intended to allow the public to enjoy more direct, advanced, affordable and accessible trading services, for the purpose of promoting technological innovation in the capital market and driving down the cost of financial services relating to open-end mutual funds.
Elad Shefer, CEO of Fair, said: “The transformation of mutual funds into a simple digital product takes the public's investments in mutual funds to the next level. The launch of our digital branch will enable the public to invest in mutual funds through any digital platform in which they are included, easily and instentaniously, with no hidden additional costs - no custodianship fee, no buying and selling cost - no commissions whatsoever. We believe that the creation of an objective and competitive platform will help streamline the process of investment in mutual funds, free of the existing burden of costs."
Ittai Ben-Zeev, CEO of TASE, said: “We congratulate Fair on choosing to become a member of TASE. TASE's strategy aims to increase the number of TASE members and encourage new players to partake in the Israeli capital market. Fair's joining is another step forward in fintech innovation and we are confident that the entry of technologically advanced players into the Israeli capital market will increase competition for investors and will make the Tel Aviv Stock Exchange dominant and more accessible to the public."
