President Nikos Christodoulides addressed the Forbes Cyprus Next Generation Banking & Fintech Summit, emphasizing Cyprus’s economic resilience, banking sector strength, and strategic advantages for financial innovation.
President Nikos Christodoulides of Cyprus delivered a speech at the Forbes Cyprus Next Generation Banking & Fintech Summit. He expressed appreciation to Forbes Cyprus and the organizers for convening stakeholders from banking, financial technology, regulation, investment, and innovation sectors.
The President highlighted Cyprus’s economic growth, with around 10% increase over three years, and recent upgrades to its sovereign credit rating from “A-” to “A” with a positive outlook by Standard & Poor’s.
He noted the government’s submission of the 2027 State Budget, which projects a fiscal surplus of approximately 4% of GDP and a decline in public debt below 50% of GDP this year, reaching about 45% by 2027. These indicators reflect political choices that have strengthened economic resilience and international confidence.
President Christodoulides emphasized the transformation of the banking sector, with banks being among the most highly capitalized in Europe, and stressed the importance of fostering a competitive banking environment to support investment and growth.
He outlined Cyprus’s strategic advantages, including EU and euro membership, its geographic position, skilled workforce, professional services sector, and growing technology ecosystem, positioning the country as a reliable gateway to the European Single Market.
The President discussed the digital transformation in financial services, including real-time payments, AI, digital assets, and tokenization, creating opportunities for banks and fintech companies to innovate, improve services, and expand internationally.
He highlighted Cyprus’s existing fintech ecosystem, contributing around 15% of GDP, and its ranking as 32nd in the global fintech startup ecosystem, aiming to strengthen its role as a trusted European hub for financial innovation.
The government is supporting access to finance through initiatives like the Cyprus Equity Fund, the National Development Organisation for Enterprises, and programs for innovative enterprises and research. Investments in talent and digital infrastructure are also underway, including the National AI Strategy to 2032 and Pharos-CY computing infrastructure.
Cybersecurity, data protection, responsible AI use, and regulatory clarity are prioritized, with initiatives such as the Cyprus Securities and Exchange Commission’s Regulatory Sandbox and the Central Bank’s Innovation Hub fostering collaboration between businesses and regulators.
President Christodoulides concluded by emphasizing Cyprus’s role in contributing to Europe’s financial integration and innovation, highlighting the country’s stability, resilience, and commitment to transforming economic stability into sustainable investment, innovation, and competitiveness.
