Fintech company Rubicon announces the approval of its EMI License

January 27th, 2022, Tirana – Rubicon Sh.a. (“Rubicon”), a young FinTech company based in Albania, has been approved to operate as an Electronic Money Institution (EMI) by the Central Bank of Albania. The authorization of the EMI license allows now Rubicon to enter the market with its flagship product ‘Pago’ and become a role model for the digital-banking experience of the future in Albania and the region.

Pago, as a financial mobile app, will offer easily accessible, affordable, and contemporary services, including instant payments, ecommerce services, personal finance management, and investments. With its freemium model for customers, Pago is set to disrupt the current market.

Market statistics strongly indicate the need for new financial solutions in Albania. Armand Brahaj, founder of Rubicon, said “We are incredibly excited to have been granted the EMI licence as a major milestone towards our vision to lead the modern financial ecosystem in the region.
We build solutions centred around the needs of individual and businesses. With Pago as a vertical financial solution, we are opening new ways for payment processing, management of personal finances, and investments driven by innovative technology.”

Rubicon is now focused on accelerating its market entry having closed a pre-seed investment round last year. The company plans to launch Pago mobile application by summer this year. A number of initial services will be rolled out to a closed group of customers starting next months.

About Rubicon Sh.a.

Rubicon is a fintech company, committed to implement state of the art of fintech related solutions. We simplify the financial life through access to modern economy with digital payments, ecommerce, investments, and innovative financial services.
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What is an Electronic Money Institution?

Electronic Money Institutions (EMIs) have gained traction in the last years in Europe where they have found a customer base among the digital savvy generations. In difference to Bank Institutions, an EMI differs on the fact that it cannot take credit risks, therefore cannot provide interests on deposits or engage in lending activities. EMIs can still have access to the IBAN system, national or cross-border payment networks and allow clients to transfer money instantly.
Similar initiatives are sometimes referred to as digital banks, the classic example is Revolut operating in the UK as an EMI.