1. Union Financiar Tiranë has become a well-recognized name in the FinTech sector. How do you envision the company’s further expansion in Albania and the region?
Union Financiar Tiranë (UFT) has built a 30-year legacy in financial services, always focusing on innovation and adapting to both customer needs and global technological trends. From the very beginning, we have been ahead of the curve, pioneering new ways of making payments in Albania and beyond.
Today, through our UPay platform, we are pursuing a strategic expansion of products and customer segments. UPay is designed for both individuals and businesses, creating an integrated payments ecosystem that includes digital wallets, card payments, QR codes, NFC, API-based e-commerce integrations, bill payments, and instant money transfers—with new features continuously being added.
Expansion doesn’t happen by chance; it is carefully built. In a market that evolves at the speed of technology, staying relevant means moving faster—sometimes even anticipating customer needs. UPay embodies this philosophy. It’s more than a payments platform; it delivers solutions, convenience, and new opportunities.
Our mission is for UPay to grow alongside its users—expanding intelligently, adding more services, entering more markets, and serving more customer segments. We aim to become the first choice for digital financial platforms in Albania and the wider region.
2. What is Union Financiar’s strategic position on implementing open banking in Albania?
We see Open Banking as a vital step toward modernizing the financial sector, enhancing transparency, innovation, and financial inclusion. For UFT, it is not just a regulatory requirement but an opportunity to create new value for users and the market as a whole.
We have already established strong collaboration with second-tier banks to integrate them into the UPay platform. This brings tangible benefits to customers—simplified account access, one-click payments, and a seamless, barrier-free experience, all at zero cost to the end user.
Every integration brings challenges, but also opportunities for co-creation. Our technical teams have worked closely with banks to share expertise and design solutions that make Open Banking work for everyone: users, banks, and the market.
When completed, UPay will provide users with a full multi-bank experience—account access, payment initiation, and better financial transparency—strengthening customer trust and satisfaction.
3. How is UFT preparing to comply with the standards of the Bank of Albania and EU regulations such as PSD2?
In an increasingly digital financial landscape, UFT has taken strategic steps to adapt to evolving market demands and regulatory requirements. Compliance with the EU’s Payment Services Directive (PSD2) and the Bank of Albania’s alignment with EU standards has been central to our strategy.
For us, PSD2 is more than legal compliance—it’s a chance to redesign how we engage with customers and partners. UPay has been built with secure APIs that allow authorized parties to access information and perform transactions in line with the highest security protocols.
We have implemented Strong Customer Authentication (SCA), including multi-factor and biometric authentication, to safeguard every online payment and account login. Alongside PSD2, we ensure full alignment with data protection standards, including GDPR, particularly regarding how personal data is handled and stored.
In short, compliance has become an enabler of trust, innovation, and user safety.
4. Does UFT plan to evolve into a full “financial platform” where customers can access multiple institutions through a single app like UPay?
Yes—that vision has guided UPay from the very start. More than just an app, UPay is a multidimensional financial platform that continues to grow and diversify.
Currently, users can access over 100 payment services—ranging from utilities and money transfers to insurance, microloans, e-commerce, QR payments, and debit cards. UFT acts as the connector, linking end-users with multiple financial service providers.
Looking ahead, our goal is to establish UPay as the gateway to a more integrated, digitalized, and financially inclusive economy. By bringing services from many institutions into one app, UPay creates a collaborative ecosystem that puts the user at the center.
The platform will continue to expand partnerships, broadening both the scope of services and its market reach.
5. What innovations are being developed through UPay, and how will they enhance customer experience in Albania?
Today’s users demand speed, simplicity, and transparency. UPay is responding with innovations that deliver a smarter, faster, and more personalized financial experience.
One of the most significant developments is the integration of Western Union international money transfers. UPay is the first e-wallet in Europe to offer Western Union services, allowing users to send money to over 200 countries and territories, or receive money directly into their UPay account.
Another milestone is the launch of the UPay Mastercard—a debit card directly connected to the UPay app. This enables easy access to funds and gives them the opportunity to choose how they pay: in stores, online, or through Google Pay. More than a product, it is a new engagement channel with our customers, fostering continuous usage inside and outside Albania.
For businesses, UPay Business provides advanced solutions—dedicated APIs for e-commerce integration, real-time reporting, and security standards that meet international benchmarks. This allows businesses to automate and streamline payments, positioning UPay not just as a consumer platform but as a technology partner for enterprises.
These innovations strengthen UFT’s position not only locally but also regionally and internationally, establishing UPay as a key player in shaping the future of digital finance.
