The Supervisory Council of the Bank of Albania has today paved the way for licensing JET Bank, the financial institution that aims to become the country’s first fully digital bank.

The decision approved today grants preliminary approval for the bank’s licensing, an important step that enables the institution to begin all preparations for entering the Albanian banking market.

According to the announcement, JET Bank is expected to operate using advanced technology and a fully digitalized model, focusing on simplicity, security, and customer experience. Its mission is to bring a modern approach to financial services, moving away from traditional formats and aiming to transform the way citizens and businesses access banking services.

The licensing process is carried out in two phases, according to the law “On Banks in the Republic of Albania”: preliminary approval and then final licensing. After today’s approval, JET Bank has up to 12 months to meet all legal and regulatory requirements, from capital injection to building its technical and organizational infrastructure.

JET Bank is the second institution to receive preliminary approval to enter the Albanian banking market, after the Turkish bank Ziraat, which passed this stage earlier.