Cyprus wants fintech companies not only to register businesses on the island, but also to create jobs, invest and develop genuine operations. This was stated by Minister of Energy, Commerce and Industry Michael Damianos at the Cyprus Fintech Summit 2026 in Nicosia.
According to him, the country has the opportunity to become a European hub connecting businesses with India, the Gulf states and emerging African markets. The benefit for Cyprus, however, will depend on whether these international links lead to partnerships, entry into new markets and the building of teams on the island.
“The value for Cyprus lies in turning innovation into productive investment, skilled employment and stronger demand for local expertise,” Damianos said.Nearly 200 fintech companies
Cyprus’s financial technology sector continues to grow, particularly in the payments field. A preliminary industry study presented in October estimates the number of fintech companies in the country at nearly 200, with approximately 55% of them operating in the payments sector.
The growth creates opportunities for financial institutions, consulting companies and technology specialists, but also raises the question of whether Cyprus can develop enough local talent and companies capable of competing in international markets.
Representatives of the Central Bank of Cyprus, the Cyprus Securities and Exchange Commission, Bank of Cyprus, IBM, PwC, KPMG and EY took part in the forum. The main topics included regulation, consumer protection and ways to encourage innovation without weakening financial supervision.
Easier procedures for businesses
The government is preparing a Business and Talent Strategy for the 2027–2030 period. It provides for simpler digital procedures, more coordinated support for companies and closer links between businesses, universities and research organisations.
The ministry’s Business Centre is expected to assist companies in setting up or expanding their operations. Damianos stressed that investment support and financial supervision would remain separate responsibilities.
The government is also placing emphasis on workforce development. According to the minister, employers can develop the skills of students and young professionals through paid internships, scholarships and joint projects with universities.
Links with India and international markets
Artificial intelligence, cybersecurity and cross-border payments were among the other topics discussed at the meeting. Cyprus’s Chief Scientist Demetris Skourides presented the opportunities related to the country’s artificial intelligence strategy through 2032, which places emphasis on productivity and customer service.
The Indian market was identified as one of the key potential partners. In October, India’s instant payment system UPI processed 25.47 billion transactions. In May, Ellinas Finance became the first Cypriot company admitted to NSE International Exchange in GIFT City, without this changing its registration on the Cyprus Stock Exchange.
A business and investment forum with representatives from India, Kazakhstan, the United Arab Emirates, Saudi Arabia and African countries is scheduled for 13 November. The discussions will focus on cross-border banking, payments, investment funds, technological infrastructure and trade finance.
For Cyprus, the next challenge is for international contacts to lead to concrete investment, new services, jobs and opportunities for local companies and university graduates.