The benefits of digital solutions and the resulting improvement in business competitiveness were highlighted at an event in Nicosia on Wednesday.
The event was organised by IBM spinoff Kyndryl, whose Cypriot operations are based in the capital.
The company specialises in designing, creating, managing and upgrading mission-critical technology systems for both public and private sector organisations.
Kyndryl completed its separation from American technology giant IBM on November 3, 2021, beginning trading on the New York Stock Exchange the day after.
IBM has maintained a 19.9 per cent stake in Kyndryl in the form of common stock, although there is an intention of exchanging the shares for IBM debt over the course of a one year period.
“Digitisation plays a key role in the sustainable economic development of Cyprus,” deputy minister of research, innovation and digital policy, Kyriacos Kokkinos, said at the event, praising the contribution of the private sector.
Kyndryl presented a model of technical expertise across six key digital technology environments and practices, including the cloud, core enterprise and cloud services, the digital workplace, application services, data and artificial intelligence (AI), network and edge computing, as well as security and business resilience.
“Digital transformation is as necessary as ever,” said Constantinos Kattirdjis,
Microsoft Central and Eastern European Partner Development Director
“We look forward to working with our local Kyndryl team to co-create and innovate together in order to provide customers with new features that will be integrated into the Microsoft Cloud as soon as possible,” he added.
Moreover, the company also showcased a number of global strategic alliances and local business partnerships, with the primary goal of helping its customers in Cyprus to reap the benefits of improved business efficiency, economies of scale and improved business performance through their investment in technology.
“As the largest IT service provider in the world, we design, build, manage and modernise the critical systems on which the world depends on a daily basis so that the economy can move forward,” Managing Director of Kyndryl in Greece and Cyprus Apostolos Leonidopoulos said, mentioning a number of governments that utilise the company’s services.
“We want to ensure that our customers in Cyprus know that we are ready to introduce these valuable technical capabilities and know-how, as we work together to strengthen the country’s economic prospects, while increasing the potential for Cyprus to play a leading role in an increasingly and a more interconnected world,” Leonidopoulos added.
George Kousis, acting executive director of technology and operations at the Bank of Cyprus, who spoke about the ongoing digital transformation of the bank, said that the adoption of modern ways of working, as well as the modernisation of the information technology environment, are both essential.
“With the help of Kyndryl, the Bank of Cyprus uses the market’s leading digital innovations to improve efficiency and flexibility at all levels of the organisation,” Kousis said.
Cyprus Information Technology Enterprises Association (CITEA) president Dimitris Nisiotis also praised the involvement of private companies, saying that it helps bolster the local business environment.
“In order to achieve results with the necessary speed, there must be a strong ecosystem, where the presence of multinational companies is very important, because they transfer specialised know-how and best practices, helping foster healthy competition and the broader local ecosystem,” Nisiotis said.
“The advantages are even greater when companies like Kyndryl have long-term plans for the development of the Cypriot economy with their local presence,” he added.