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FinTechs belonging to this category provide identification services, which are required for most banking services.


Attitude of the country towards identification services

Nowadays, businesses are taking prominent steps towards conducting business by means of electronic tools which paves the way to various legal and business incentives. In 2015, the Albanian Parliament adopted the law “on electronic identification and trusted services”, partially approximated with EU Regulation no. 94/2014 of the European Parliament and of the Council on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC.

However, the real effect of the electronic identification became widespread and common only during the pandemic, as the only possibility of doing business despite being quarantined. Currently, electronic identification is embraced as a remarkable modality of doing business mainly by the banks.

Legal affairs

Obligations and requirements to provide identification services

The identification service as described above, is covered by the Law no. 107, dated 01.10.2015 “On Electronic Identification and Trust Services” as amended (eIDAS Law) which has partially approximated the EU no.910/2014 Regulation, and the Regulation “On electronic identification and trusted services” (eIDAS Regulation). 

This service can only be provided by a Trust Service Provider (TSP) which should be registered and ‘accredited’ by the National Authority for Electronic Certification and Cyber Security (AKCESK) as a Trust Service Provider in Albania. TSP should be registered within 30 days from the date of commencement of the activity and must submit certain legal, financial, and technical documentation that are detailed in secondary legislation. 

Financial documentation includes a deposit or guarantee issued by a bank or unconditional life insurance policy issued by a licensed insurance company and covering this category of service that must be valid throughout the service provider's activity. The minimum financial guarantee should be 100 million ALL – i.e. approx. 850,000 Euro. 

In addition, a TSP must be insured against any damages that may result for any qualified certificate issued to the signature holder.

Additional comments regarding the legal situation for identification services or what FinTech’s must be aware of in this business area

Based on the eIDAS Law, in order for a FinTech to provide identification services, it should be certified by the relevant authority as explained above. Currently, there are no financial institutions that provide this kind of service in Albania.  

Economic conditions

Market size for identification services and biggest companies in this business area

The identification service is a relatively small market as there are only two (2) registered  TSP operating in Albania, namely the National Agency for Information Society and ALEAT Sh.p.k, which may be found at this link.

Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area





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