Jet Bank launches Albania's first fully digital bank

Jet Bank has launched a fully digital bank and mobile app in Albania, saying it is the first bank in the country to operate entirely digitally.

The launch brings a new entrant to Albania's banking market just months after Jet Bank received a banking licence from the Bank of Albania as a greenfield institution, rather than through the acquisition of an existing bank.

According to the companies involved, a team of 70 built the bank in six months. That is much faster than the multi-year buildouts often associated with new banking launches, particularly when institutions must assemble core systems, customer onboarding processes and regulatory controls from scratch.

More than 75,000 people joined Jet Bank's waiting list before launch. In a country with a population of about 2.8 million, that suggests strong early interest in a market where cash remains widely used.

Registered users are now receiving invitations to activate their accounts on a rolling basis. Customers can open and manage accounts remotely via a mobile-first service, with real-time banking functions.

Digital rollout

At launch, customers can open and manage multi-currency current accounts, savings accounts and term deposits through the app. They can also set savings goals through JetPlans, use both virtual and physical debit cards, and conduct foreign exchange transactions.

The app also includes live chat and secure in-app messaging, giving customers direct communication channels with the bank without visiting a branch. Because Jet Bank does not inherit older banking technology, it starts operations without the legacy code that often complicates system integration and product changes.

According to the companies, the lender was built entirely on Backbase's AI-native Banking OS. Backbase, a Dutch banking technology provider, said Jet Bank is the newest bank in the world to be established fully on that system.

The project is notable in part because Albania has not previously had a bank launched as a fully digital institution from the outset. It also shows how software providers are working to reduce the time and operational complexity of setting up regulated financial institutions.

Fatbardha Rino, Chief Executive Officer of Jet Bank, said the bank chose Albania because of its view of the local market and its growth prospects.

"Jet Bank chose to launch in Albania because we believe in the country's potential, its people, entrepreneurs, and future. We are building a bank designed around simplicity, accessibility, and technology, with the goal of giving our customers back time and freedom in managing their finances. Our partnership with Backbase has enabled us to bring that bank to market in a matter of months and to keep improving it for our customers," said Fatbardha Rino, Chief Executive Officer of Jet Bank.

Market context

Albania's financial system has historically been shaped by branch banking and cash payments, making a mobile-only bank a notable shift in how retail financial services can be delivered. The size of the waiting list may indicate demand for app-based services among consumers seeking to avoid in-person banking.

Backbase framed the launch as evidence that a licensed bank can now be assembled with a smaller team and on a shorter timetable if it is not tied to older systems. That argument reflects a broader trend in banking technology, as new entrants and incumbent lenders alike seek to simplify customer-facing operations and reduce reliance on fragmented platforms.

Jouk Pleiter, Chief Executive Officer of Backbase, said the Jet Bank launch would have been difficult under older technology approaches.

"Launching a licensed bank with such a small team in a matter of months would have been unthinkable until recently. Jet Bank did it by building on one AI-native foundation instead of the patchwork of legacy systems that many banks are still untangling - so customers, employees and, in time, AI agents all operate from a unified frontline rather than a dozen disconnected channels. This is what building for the AI era from day one looks like," said Jouk Pleiter, Chief Executive Officer of Backbase.

Jet Bank expects to add loans and credit cards after the initial rollout. For now, it enters the market with current accounts, savings products, deposits, cards, foreign exchange and in-app customer support, alongside a waiting list of more than 75,000 people.