Developments in Albania’s financial sector have drawn the attention of European media outlet Euractiv, which has highlighted the country’s digital banking transformation and its potential for closer integration with the wider European financial market.
The article also features Jet Bank, presented as the first fully digital, branchless bank in the Western Balkans.
According to Elvin Meka, Vice Rector and Dean at Tirana Business University College, digital banking gives Albania the opportunity to leapfrog some of the traditional stages of financial sector development. Branchless models, he argues, can help broaden access to financial services while also supporting the formalisation of the economy.
Euractiv places the Albanian case within the wider regulatory reforms taking place across the European Union. PSD2 laid the foundations for open banking, while PSD3 and the Payment Services Regulation aim to strengthen competition and create a more unified market for financial services.
MEP Andi Cristea argues that Europe should move towards a single digital banking market rather than 27 separate national ones. Such an approach could create greater opportunities for institutions built on digital models and designed to expand beyond their domestic markets.
The article also points to the increasing alignment of Albania’s banking sector with European standards. SEPA integration, the development of open banking and regulatory convergence are seen as key steps towards deeper financial integration with the EU.
Within this context, Jet Bank is presented as one of the concrete cases that could demonstrate Albania’s capacity to develop digital banking models with genuine potential for regional expansion.
The post Albania’s digital banking progress appeared first on Euronews Albania.
