Bank of Albania licenses Jet Bank, but concerns about transparency and financial stability persist

Jet Bank completes the licensing process from the Bank of Albania to operate with full capacity in the Albanian market.

After licensing, Jet Bank will enter a preliminary testing phase, during which the application will be accessible to a select group of users.

This development confirms the support this initiative has from the Government and the Bank of Albania, but questions about transparency around ownership, security requirements, and financial stability continue to remain insufficiently clarified for the public.

According to official announcements, JET Bank was established in September 2025 with a relatively small initial capital (around 3.5 million lek) with founder Idan Avishai, a dual citizen, Israeli and British, Albeu.com reports.

The company is controlled by the Dutch-registered holding company, Jet Holdings, while indirect shareholders are a group of commercial companies registered in Cyprus and Israel.

The main shareholder in Jet Holdings is the Cypriot company Constador LTD. According to information from the business register in Cyprus, the sole shareholder of the company is Idan Avishai, the same person who fully controlled Jet Albania, which preceded JET Bank, in order to establish the relevant structures to prepare the company’s activity.

However, the bank has so far been reluctant to provide full transparency regarding its shareholding structure. Officially, the bank is presented as part of Jet Holdings, a British consortium based in Amsterdam.

In fact, Jet Holdings is a company founded in September 2025 and registered in the Netherlands, with paid-up capital of 50 thousand euros.

According to the official documentation filed, Jet Holdings has six joint stock companies, namely: Constador LTD, a company registered in Cyprus, with approximately 71.5% of the shares; Don Albania Holdings LTD, a company registered in Israel, with 3.7% of the shares; Ori Eyal LTD, a company registered in Israel, with 2.6% of the shares; Yebogogo LTD, a company registered in Israel, with 4.9% of the shares; Nathan Lawrence LTD, a company registered in Israel, with 4.9% of the shares; Israel Albania Holding LTD, a company registered in Israel, with 12.4% of the shares.

In the UK business register, citizen Idan Avishai, born in January 1980, also appears as a shareholder and director of SON MANAGEMENT LTD, a company registered in the year with the main activity of management and consultancy in activities outside of financial management, but indirect data indicates that he is the person behind the online trading platform, Fortrade.

The Fortrade platform (which initially operated under the name FX Lider) was publicly reported in 2018 by the Albanian Financial Supervisory Authority (AMF) for conducting unlicensed financial activity in the Republic of Albania. Market sources indicate that the counterpart authority in Croatia, HANFA, has also done so.

Meanwhile, at the initial establishment of the company in Albania, Oliver Hemmer’s name was also present.

Oliver Hemmer’s name is linked to several fraud schemes. In a 2019 report obtained by Albeu.com, federal officials are investigating an unregistered company based in Berlin, Germany, called Gal Blocklntl Ltd (the “4XFX” platform ), which was operating without proper authorization. According to the report, the company’s managing director, Oliver Hemmer, was running a fraud scheme called “4XFX” and that he was also being investigated as the main beneficiary. Reports have been filed against the company in the United Kingdom, Spain and Estonia, and Australia in connection with this matter. ( https://www.scribd.com/document/714449499/report-for-the-fraudulent-activities-4xfx-com )

In relation to the “4XFX” platform fraud scheme, important institutions have published notices denouncing the scheme. (The denunciation of the British FCA and the denunciation by the Australian financial authorities )

4XFX was a fraudulent and unregulated cryptocurrency and forex trading platform that targeted investors in multiple countries (UK, Canada, Australia) around 2019, claiming to offer bitcoin, gold and oil trading, but instead defrauded users, with regulators such as the FCA and MSC issuing warnings, and the platform’s website later being shut down. It is a classic example of an unlicensed scheme where users lose money, often leading to subsequent “recovery room” scams.

The licensing of JET Bank did not go without debate even within the structures of the Bank of Albania, and according to information, a manager in the Supervision Department resigned without signing the proposal for granting prior approval for a license to this entity.

According to information circulating among financial market professionals, the licensing of JET Bank was done with the support of influential people close to the government. /albeu.com/