The Bank of Cyprus is doubling down on its innovation drive this October, launching its sixth fintech hackathon while also joining TechIsland’s donor network to help strengthen the island’s tech ecosystem.

Specifically, the bank announced that it will host its sixth Application Development Innovation Marathon ‘BoC Fintech Hackathon 6.0’ on October 10–12, with physical presence at the IDEA Innovation Centre in Nicosia.

According to the organisers, the hackathon focuses on the implementation of proposals and digital applications related to fintech, also combining themes such as social innovation, smart cities and sustainability, with the main goal of promoting entrepreneurship.  

It is open to developers, startups, professionals, students and anyone interested in actively contributing to the development of applications that promote innovation and entrepreneurship, as well as the creation of services aimed at improving daily life and the evolution of service provision for all. 

The bank mentions that the goal is to create innovative solutions up to the stage of a Minimum Viable Product (MVP), with the prospect of further development into fully functional applications.  

It also explains that, through its upgraded open banking APIs (sandbox) and its software development kit (SDK), teams will receive technological support to integrate capabilities such as payment execution and the secure use of transaction data for service development. 

For the teams that stand out, there will be significant cash and other prizes. First prize is €7,000, second prize €4,000 and third prize €2,000, while an additional €2,000 will be awarded for the best use of Jinius APIs. 

The organisers note that the applications developed by the teams may respond, with appropriate business and technological approaches, to a number of non-binding challenges.  

These include fintech for smart cities, focusing on solutions that improve citizens’ daily lives and the efficiency of municipal services through fintech and IoT technologies, and sustainable finance and green banking, promoting sustainable practices and environmentally responsible products through modern fintech technologies.  

Other areas are inclusive fintech and social impact, developing technologies that facilitate access to financial services and enhance social cohesion, and digital payments for urban sustainability, with payment solutions that promote sustainable mobility and eco-friendly behaviour. 

The list also includes DeFi for civic engagement, using blockchain and DeFi technologies for active citizen participation in governance and local initiatives, AI-powered fintech for resource optimisation, deploying AI for responsible consumption, and resilient fintech infrastructure for crisis response, offering technological solutions for immediate action during crises, natural disasters and economic needs.  

Furthermore, there is circular economy and tokenised incentives, encouraging the circular economy through tokenisation and fintech solutions, fintech for social innovation, fostering social responsibility, and AI-powered marketplace innovation for Jinius, with proposals for AI-driven improvements in functionality, user experience and personalisation of a modern marketplace. 

Participants will also have the opportunity to discuss and develop their ideas with professionals from the field. BoC Fintech Hackathon 6.0 receives additional support from sponsors and supporters. More information is available here. 

Bank of Cyprus backs TechIsland to strengthen Cyprus tech ecosystem

Meanwhile, in a separate announcement, the non-profit organisation TechIsland announced that the Bank of Cyprus has joined its network of donors, marking another significant step in strengthening Cyprus’ technology ecosystem.

TechIsland, the largest tech association in Cyprus, announced on Monday, the collaboration, noting that the country’s biggest financial institution has consistently invested in initiatives promoting sustainable progress and economic prosperity.

Its participation, it added, is a natural continuation of its strategy to support innovation, entrepreneurship and the nation’s human capital. 

Vasilis Kettis, manager at International Business Unit, IBU Tech Hub, said that technology is now one of the fastest-growing sectors of the Cypriot economy.  

“Bank of Cyprus’ support for TechIsland reflects our shared belief that digital transformation and innovation are essential components for a prosperous future for Cyprus,” he said, adding that through this collaboration they reinforce the vision of creating a dynamic tech ecosystem that will attract talent and investment. 

TechIsland’s general manager, Tanya Romanyukha, said that the inclusion of Bank of Cyprus in their network of donors is of great importance to them.  

“Their trust in our work and strategic alignment with our vision for the Cyprus of tomorrow fill us with optimism and a sense of responsibility,” she said, noting that together with donors and partners they can continue to play a decisive role in establishing Cyprus as a hub for technology and innovation. 

As a non-profit organisation, TechIsland’s ambitious vision is supported by its donors, whose contributions enable its operation, growth and activities.