Tel Aviv Stock Exchange Unveils New Digital Strategy

UTC by Babafemi Adebajo · 2 min read
Tel Aviv Stock Exchange Unveils New Digital Strategy
Photo: Depositphotos

The latest decision to include crypto in the TASE strategic plan underscores the nation’s attitude towards digital assets and its potential in traditional finance.

The Tel Aviv Stock Exchange (TASE) has today announced a new strategic plan that’ll span 2023-2027. The exchange’s previous plan published when CEO, Ittai Ben-Zeev, took office resulted in strong financial gains and TASE will look to build on that.

Specifically, it grew its profit margin from 9% in 2017 to about 25% in the first half of 2022. Revenue from services also grew annually by 7.5% between 2017-2022, while operational costs only grew by 4% annually.

According to Ben-Zeev, the new strategic plan will help the exchange to tap into abounding global opportunities. He said, “We see in the next five years a critical window of opportunity for the integration of the Israeli Stock Exchange in the technological revolution that the world’s capital markets are going through.”

What to Expect with the Strategic Plan

The strategic plan has four primary goals. Within the next five years, TASE develop and enhance the value proposition of TASE’s core activity while expanding and developing direct engagement with the end customers.

Beyond this, the bourse will create a blockchain-based digital asset platform. By so doing, it will explore the use of distributed ledgers to improve existing market infrastructure. The DLT will also allow the exchange to offer digital asset services and products. Lastly, the TASE will develop and sell technological services and solutions to other exchanges and market participants.

Following the release of the documents, Tel Aviv Stock Exchange shares rose by 0.8% on the exchange.

A Heart for Crypto

The latest decision to include crypto in the TASE strategic plan underscores the nation’s attitude towards digital assets and its potential in traditional finance.

Aside from the strategic plan, Israel issued its first licenses to service providers earlier in the year. Also, TASE is working with the Ministry of Finance to issue a blockchain-based digital state bond. Founder of Israeli crypto media outlet CryptoJungle, Ben Samocha, agrees that cryptocurrency and blockchain can improve the traditional financial services sector.

Samocha said, “The inefficiencies of our current systems must be fixed with transparency, digitalization and faster settlements. Every traditional firm, public or private, will now have to better understand the impact of blockchain technology on its business model.”

Cryptocurrency news, Market News, News, Stocks
Babafemi Adebajo

An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.

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