March 6 (SeeNews) - Albania’s Banka Kombetare Tregtare (BKT) has suspended activities of its asset investment platform Smart Invest after its partner, Denmark's Saxo Bank, stopped operations in Albania and Kosovo, BKT told SeeNews on Tuesday.
“BKT’s partner and provider of the Smart Invest investment platform, Saxo Bank - Denmark, announced that due to restructuring plan of its activity in different regions, it has decided to end their partnership in Albania and Kosova as well as more than 40 countries, by terminating its service,” BKT stated in an emailed response.
BKT's Smart Invest was introduced in Albania in 2021, enabling clients to buy and sell currency, commodities, or other assets.
Meanwhile, BKT said it is working to find another partner to serve existing platform clients, who have been asked close their positions by June. Regulators have also been informed.
A SeeNews email to Saxo Bank requesting a comment on the decision went unanswered by the time of this publication.
Local media reported the platform’s suspension on Monday after the Smart Invest platform on BKT’s website became inaccessible.
The Kosovan web page of the platform is still accessible. A SeeNews email to BKT Kosovo requesting a statement whether the decision will also affect its activities went unanswered by the time of this publication.
According to documents published earlier by BKT, Saxo Bank served as a sub-custodian, meaning that it held and safeguarded assets on behalf of the platform's clients.