Cyprus Business Now

Alpha Bank Cyprus on Monday released a statement underlining its prominent participation at the 11th Banking Forum & FinTech Expo, where Miltos Michaelas, the bank’s CEO, represented the organisation.

This year’s Banking Forum & FinTech Expo was held on Thursday, December 7, at the Filoxenia Conference Centre in Nicosia.

During his address, Michaelas shed light on the future of the financial sector and the new paradigms emerging due to digital transformation.

Moreover, he stated that banks are adopting modernised strategies focusing on enhancing profitability, implementing more efficient operational practices, transitioning towards green initiatives, adopting customer-centric approaches, and addressing the challenges posed by the expansion of FinTech companies.

In addition, he highlighted that as a result of the new business model, one-third of the revenues derived from traditional banking transactions are expected to shift by 2025.

Michaelas noted that banks are confronting this evolution based on their market position and size.

He also explained that banks are developing strategies that go beyond simple product offerings, focusing on digitisation, and cultural change, as well as offering an enhanced model of services and products that meet the holistic needs of customers today.

It should be noted that the event attracted professionals from the financial sector, as well as various representatives from the local business community.

Discussions at the event revolved around the trajectory of the banking industry’s recovery, digital transformation, and the contemporary needs of customers.

Cyprus’ Ministry of Energy, Commerce, and Industry has confirmed its participation in the GITEX GLOBAL technology exhibition in Dubai.

The conference, which is scheduled to take place from October 14-18, 2024, will be the third third consecutive year to see the ministry’s involvement.

In an official statement, the ministry declared its intent to enhance the international presence of Cypriot service-oriented businesses, promote the technology sector, and consequently boost exports in existing as well as emerging markets through its participation in the exhibition.

As part of this initiative, the ministry has announced the minor importance support scheme (De Minimis) for Cypriot companies participating in Foreign Service Exhibitions, in which the Ministry of Energy, Commerce, and Industry is present with a state pavilion.

Participants within the state pavilion will have the opportunity to showcase their technologies while leveraging networking opportunities and fostering business collaborations with both exhibiting companies and professional visitors.

Applications for participation can be submitted individually by registered mail or through private courier services until January 10, 2024.

Applications received after this date will be considered late and will not be entertained, as stated by the Ministry.

Finally, the announcement noted that the ministry does not assume any commitment in case an adequate number of companies do not participate in the aforementioned exhibition or if the budget is not approved.

The Cyprus Stock Exchange (CSE) ended Monday, December 11 with losses.

The general Cyprus Stock Market Index was at 136.03 points at 13:08 during the day, reflecting a decrease of 0.29 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 82.65 points, representing a drop of 0.29 per cent.

The total value of transactions came up to €80,212 until the aforementioned time during trading.

In terms of the sub-indexes, the main, hotel and investment firm indexes fell by 0.76 per cent, 1.22 per cent and 0.76 per cent respectively. The alternative index rose by 0.74 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-1.45 per cent), Blue Island (-0.61 per cent), Demetra Holdings (-2.14 per cent), Salamis Tours (+1.16 per cent), and Hellenic Bank (+0.44 per cent).