Tirana Bank has joined IFC’s Global Trade Finance Program (GTFP), on April 27, 2026, reinforcing both institutions’ shared commitment to fostering sustainable economic growth and private sector development in Albania. The GTFP helps local banks expand financing for cross-border trade by offering payment risk guarantees and managing payment risks. As part of this partnership, IFC will provide a $5 million trade finance guarantee facility to Tirana Bank, enabling the bank to finance more imports and exports, increase partnerships with international banks, and support Albanian businesses in reaching new global markets.
The agreement was signed by Mrs. Edlira Muka, Chief Executive Officer of BALFIN Group, the investment group that owns Tirana Bank, and on behalf of IFC by Wiebke Schloemer, IFC Director for the Western Balkans and South Caucasus. Through this collaboration, Tirana Bank will be able to offer enhanced trade finance facilities to its corporate and small business clients, helping them become more competitive and better integrated into regional and international supply chains.
The new facility will enable Tirana Bank to issue trade finance instruments such as letters of credit, guarantees, and other trade-related products, mitigating risk and facilitating smoother transactions for Albanian businesses engaged in cross-border trade.
“We are proud to expand our partnership with one of the world’s most respected financial institutions. This agreement with IFC reinforces Tirana Bank’s strategy for sustainable growth and innovation in the Albanian market. It will directly support businesses in expanding their international operations, by providing access to trade finance instruments that enhance liquidity, reduce risk, and strengthen competitiveness. Following Tirana Bank’s recognitions as ‘Best Bank in Albania’ by Euromoney and ‘Bank of the Year’ by The Banker in 2025, this partnership further reflects our commitment to empowering our clients and contributing to the country’s long-term economic development.”
“This partnership marks an important step in strengthening Albania’s trade ecosystem and supporting private sector growth. Through our Global Trade Finance Program we will help Tirana Bank expand access to trade finance for local companies, enabling them to grow, create jobs, and better integrate into regional and global markets.” said Wiebke Schloemer, IFC Director for the Western Balkans and South Caucasus.
This milestone confirms Tirana Bank’s strategic direction of building strong partnerships with leading international financial institutions. Through these alliances, Tirana Bank continues to deliver financial solutions that support Albania’s long-term economic potential.
Agreement grants BALFIN exclusive Jumbo operating rights in Armenia, Azerbaijan, Georgia, Kazakhstan, Ukraine and Uzbekistan, with a dedicated central logistics hub established in China
BALFIN Group, an investment group present in 12 countries and operating in several industries, and Jumbo S.A., the leading retailer of toys, baby items, seasonal goods, decoration and stationery in Southeast Europe, today announced the signing of a strategic agreement that significantly expands their long-standing partnership. Under the new agreement, BALFIN secures the exclusive rights to operate and develop the Jumbo brand across a new geographic footprint spanning Armenia, Azerbaijan, Georgia, Kazakhstan, Ukraine and Uzbekistan.
The agreement extends BALFIN’s exclusivity to six additional markets: Armenia, Azerbaijan, Georgia, Kazakhstan, Ukraine and Uzbekistan, and establishes a central logistics hub in China to serve the expanded network. This builds on the partnership’s existing footprint in Albania, Kosovo, Bosnia and Herzegovina, Montenegro and Moldova (opening this year).
The agreement marks a fundamental evolution in the operating model between the two partners. In the existing markets of Albania, Kosovo, Bosnia and Herzegovina, Montenegro and Moldova, inventory management and logistics have been supported primarily through Jumbo’s operations in Greece. Under the new agreement, BALFIN will independently manage the entire supply chain for the new territories, from sourcing in China through to warehousing, transportation and last-mile distribution across Armenia, Azerbaijan, Georgia, Kazakhstan, Ukraine and Uzbekistan.
To support this expansion, BALFIN will build its own end-to-end logistics network, anchored by a central hub in China and connected through dedicated warehousing and distribution infrastructure across the new operating region.
“This agreement is a powerful endorsement of the capability and ambition our team has built over more than a decade of partnership with Jumbo SA. Extending our exclusivity into Armenia, Azerbaijan, Georgia, Kazakhstan, Ukraine and Uzbekistan, and taking full ownership of the logistics chain from China to the final customer, is a strategic leap that places BALFIN among the most ambitious retail operators in the region. It reflects the trust Jumbo S.A. has placed in us, and our confidence in the long-term growth potential of these markets,” said Samir Mane, President of BALFIN Group.
“Our partnership with BALFIN has consistently delivered strong results across every market in which we operate together. The performance, professionalism and operational discipline of the BALFIN team have given us full confidence to entrust them with this significantly larger territory and with the independent management of the supply chain. We are proud to extend our cooperation into these new and dynamic markets, and we look forward to bringing the Jumbo experience to millions of new customers,” said Apostolos – Evangelos Vakakis, Founder and Chairman of Jumbo S.A..
The expansion is expected to drive significant job creation, infrastructure investment and know-how transfer across the new operating markets, and to strengthen trade and commercial ties between the Western Balkans, the European Union and the wider Eurasian region.
Building on over a decade of experience in premium real estate development, BALFIN Group is bringing another ambitious tourism and residential project to date to the Albanian coast. Valamar Tale, located along the Adriatic shoreline between the Mat River delta and the sea, is set to redefine the standards of coastal living and tourism in Albania.
The project’s strategic location makes it one of the most accessible premium destinations in the country. Its connectivity to Albania, Kosovo, and the wider region positions Valamar Tale as a key node in the country’s growing tourism landscape.
What sets the project apart is its distinctive multi-centric concept, designed in full harmony with the natural environment. Spanning seven interconnected islands, six are dedicated to residential villas and apartments, while the seventh will host a five-star hotel. The entire development sits just 70 meters from the sea, on a site known for its unique black therapeutic sand, a natural feature that adds a rare dimension to the guest and resident experience.
The project has been masterfully conceived by Toyo Ito & Associates, Architects, the acclaimed Japanese architecture firm known globally for their philosophy of integrating built spaces with the natural world. Under their vision, each island is designed as a green, low-density living space featuring relaxation areas, entertainment facilities, and services seamlessly woven into the surrounding landscape.
Sustainability and low-density development are central to the project’s philosophy, prioritizing space, privacy, and harmony with nature. Valamar Tale is expected to become a landmark investment destination, with early-phase buyers well positioned to benefit from progressive property value growth as the project matures into a premium coastal landmark.
Flying Tiger Copenhagen officially entered the BALFIN Group portfolio in October 2025 with the opening of the first store in Albania. In less than seven months, the brand expanded across four countries in the Western Balkans — Albania, Kosovo, North Macedonia and Serbia — reaching a network of 10 stores.
The speed of the expansion and the market response have exceeded initial expectations, positioning Flying Tiger Copenhagen among the fastest-growing international retail brands currently operating in the region.
One of the strongest milestones so far has been Serbia, where store openings generated exceptionally high customer interest, long queues and strong engagement from the very first day. The positive response across all markets has reinforced the brand’s potential in Southeast Europe and validated the regional development strategy behind the project.
The initial long-term vision focused on expanding Flying Tiger Copenhagen across all WB6 countries, with Montenegro and Bosnia & Herzegovina planned as part of the next expansion phase. The current objective is to close 2026 with 21 stores across the Western Balkans.
At the same time, the strong operational execution, regional know-how and rapid scaling capabilities demonstrated throughout the expansion have opened the door to an even larger strategic development phase.
BALFIN Group has already signed agreements for the expansion of Flying Tiger Copenhagen operations into Romania and Bulgaria, while Croatia represents another important market within the group’s broader expansion plans. This marks an important step not only for the partnership, but also for BALFIN Group’s growing role in developing international retail brands across both Southeast European and European Union markets.
With current operations already spanning multiple countries and expansion now extending further into European Union markets, Flying Tiger Copenhagen under BALFIN Group is entering a new phase of regional growth and scale, strengthening the group’s position as an increasingly important retail operator in the region.
The success of Flying Tiger Copenhagen under BALFIN Group reflects a combination of regional expertise, operational agility and a strong understanding of local consumer behavior — elements that continue to support the group’s ambitious retail expansion strategy.
Established in 2020 as part of BALFIN Group (initially operating as ON Solutions), Happy Pay has undergone a significant transformation over the past years, evolving from a customer loyalty-focused company into a modern fintech and smart commerce platform in Albania.
Today, Happy manages one of the country’s largest loyalty ecosystems, with around 500,000 members and more than 160,000 active app users. Building on this strong community and an expanding partner network, the company is developing an integrated ecosystem of digital payments and financial services for both individuals and businesses.
One of the most important milestones in this transformation was obtaining the license from the Bank of Albania to issue electronic money and provide digital payment services. This achievement enabled Happy Pay to offer a fully regulated and certified digital wallet, while ensuring high standards of security, compliance, and user experience.
Alongside the development of its consumer services, Happy Pay is also making significant investments in building infrastructure and technology solutions for businesses.
The platform is positioning itself as a technology partner for merchants by offering integrated ECR/POS systems, bank payments, fiscalization, and transaction management within one connected ecosystem. Through its all-in-one approach, businesses can manage payments, sales operations, and customer engagement from a single modern platform.
Throughout 2026–2027, Happy Pay’s strategic focus remains on increasing everyday wallet usage and expanding its merchant network across key sectors such as electronics, fashion, home & living, health & beauty, and retail.
As part of BALFIN Group, Happy Pay reflects the Group’s commitment to innovation, technology, and the development of solutions that simplify everyday life for both consumers and businesses through digital transformation.
