The “Money Week,” organized by the Bank of Albania, provides the perfect opportunity to discuss an innovative new payment model, “Open Banking,” which is revolutionizing the financial sector in Albania and aligning it with EU payment standards. This has sparked a collaboration between the American Chamber of Commerce (AmCham) and the Bank of Albania to host the forum titled, “The Future is Now: How Innovation is Reshaping Albanian Financial Services in 2025.”
The forum was opened by Governor Mr. Gent Sejko, who, in his speech, stated, “Albania was the first country in the region to transpose the European framework for payment services known as PSD2. This regulatory package opened the door for new fintech actors to offer payment products tailored to customer needs, with lower costs and greater ease of use. It also introduced a new concept— ‘’Open Banking’’—which has stimulated market competition.”
In a world where technology is rapidly transforming the way we do business, “Open Banking” is an innovative key that takes the relationship between banks and consumers to a new level, establishing new standards for competition, personalized service, efficiency in payment systems, cost reduction and the necessary security in this relationship.
“As a business organization, we recognize our potential to play a critical role in promoting and adopting ‘’Open Banking’’ within the business community by educating our members on its benefits and how it can transform their financial operations,” said Mr. Neritan Mullaj, Executive Director of AmCham Albania, in his address. Mr. Mullaj emphasized that every process comes with its own challenges, and that transitioning to the SEPA zone and implementing “Open Banking” will bring benefits to the financial sector. However, it will also require local banks and businesses to tackle the challenge of improving their systems and training their staff.
The introduction of “Open Banking” comes at a time when Albania has joined SEPA, taking another important step toward financial integration with EU countries. This will facilitate transactions with these countries, thus supporting trade and investment. This significant moment was discussed by experts in finance and banking, who have examined the financial sector and the legislative framework in which “Open Banking” will operate, as well as its potential impact on business activities. The panel, moderated by Lindita Shomo, Chairwoman of the AmCham Digital Committee and Executive Director of Easy Pay, included the participation of Deniz Deralla, Director of the Supervision Department at the Bank of Albania, Ledia Bregu, Director of the Payment Systems, Accounting and Finance Department at the Bank of Albania, Elton Çollaku, Board Member of AmCham and Administrator of Financial Union Tirana and Marin Gjonaj, Premium Member of AmCham and Chairman of the Board of Gjonaj Group Holding.
The moderator of the event, Mrs. Lindita Shomo, discussed the practical benefits of “Open Banking” and how businesses can take advantage of this payment system. She also highlighted the need for proper information dissemination throughout the process, drawing on the experience of the financial institution she leads, Easy Pay. Experts from the Bank of Albania provided insights into the regulatory framework governing “Open Banking” and SEPA zone transactions, outlining key elements for its practical implementation. Mr. Deniz Deralla, Director of the Supervision Department, explained that the Bank of Albania had rapidly developed regulations enabling financial institutions to implement “Open Banking” and offer this service to businesses and individuals. “Open Banking will be an advantage for businesses that use it, while joining the SEPA zone will make transactions about 10 to 15 times cheaper. Albania is the only country in the region currently operating within this zone,” said Ms. Ledia Bregu, Director of the Payment Systems Department.
Representatives from the American Chamber of Commerce shared their own experiences on the panel. Mr. Elton Çollaku, Board Member, discussed how Financial Union Tirana, the financial institution he leads, is streamlining processes to ease business operations through secure methods. Mr. Çollaku noted that Albania has made significant progress compared to its neighbours in implementing these processes and has achieved milestones that place it on par with EU countries.
As a representative of businesses in the telecommunications sector, Mr. Marin Gjonaj emphasized, “Payment services and online transactions are essential for Albanian businesses competing on the international stage, such as those in Gjonaj Group. I am confident that accelerating the adoption of ‘Open Banking’ for businesses, particularly within the SEPA zone, will benefit them by lowering costs and giving greater flexibility to their international operations.”
