Press Releases

It is with great pleasure that I address the annual Cyprus FinTech Summit for 2023.

Firstly, I would like to thank the organisers of this excellent initiative which encourages and promotes the positive attribute of digital economy. I am certain that we will gain and share knowledge and expertise during today’s event. 

Today is an opportunity to join forces, exchange views and be inspired by the fascinating sector of financial technology, which is growing rapidly with very good results across the board.   

Financial technology, with its continued growth, is capable of creating a strong chain in the development of financial and banking transactions, utilizing the advanced technological tools that we have at our disposal. Such tools have already altered the way in which people and businesses are now interacting with monetary and financial processes. 

The sector of financial technology has managed to evolve and reshape commercial transactions, including, for example, payments, money transfers, asset management and insurance, while users have comprehensive overview and access to their accounts and the services offered to them. 

There are excellent examples in the Cypriot market of technologically streamlined financial processes between providers and users. 

Such noteworthy examples are the electronic applications that have been created by banking institutions, enabling their customers to carry out important tasks and manage their personal bank accounts, easily and conveniently from their mobile phones. 

Financial technology is not just providing easier access to financial services, but it is completely reshaping the way we perceive the financial landscape, while leading us toward a green and digital transformation. The integration of technology into the financial services sphere has already demonstrated the ability to redefine consumer experience and create new opportunities for economic growth. 

It is quite remarkable to experience the incredible growth and innovative ideas being developed by companies located in Cyprus, which deal with fintech technologies. 

I am confident that in the near future we will be seeing even more revolutionary solutions from software companies and start-ups in Cyprus. Undoubtedly, the simplification of financial transactions and the development of innovative financial products, aiming to replace conventional and time-consuming practices of the past, will benefit the entire socio-economic spectrum in our country. 

Ladies and gentlemen, 

We are living in an era of immense technological and digital growth. The development of a country's economy is connected, to a large extent, with its ability to adapt to new technological trends and advancements. 

Let me take the opportunity, at this point, to emphasize the importance of having digitally literate citizens. As citizens who are lacking basic technological skills, will not be able to reap the benefits of easier, faster and user-centered financial transactions. 

In conclusion, financial technology, along with artificial intelligence, have brought about a technological revolution transforming the economic playing field.  

Fintech extends beyond financial transactions, reaching into various sectors such as digital identity and data security. While acknowledging all the benefits, we must also stand ready to address any possible shortcomings and challenges that might arise. This requires a close cooperation between the government, businesses, and experts. 

As we explore the endless possibilities offered by Fintech, let's continue to work together to create a more modern, progressive, and humane economy. Let's continue to inspire, innovate and pave the road for the future of financial services. 

Thank you.

(MK)