The University of Cyprus and the Association of Cyprus Banks (ACB) recently signed a memorandum of understanding establishing a structured framework for cooperation in education, research, innovation and stronger links between academia and the financial services sector.

The agreement was signed by University of Cyprus rector Tasos Christofides and Association of Cyprus Banks director general Marios Skandalis.

According to an announcement by the Cyprus Banks Association, the agreement provides for joint scientific and educational initiatives, collaborative research projects, and joint participation in European programmes.

In addition, it also includes partnerships in applied research, the provision of specialised scientific support, as well as the active involvement of representatives from both organisations in conferences, workshops, seminars and other activities of shared interest.

The partnership also places particular emphasis on improving financial literacy by supporting the University of Cyprus programme aimed at students enrolled in faculties outside the field of economics, with the objective of equipping them with fundamental knowledge and skills in financial management.

In addition, the Cyprus Banks Association will establish an annual €2,000 award for the top-performing student in the University of Cyprus MSc in Finance programme in recognition of academic excellence.

Christofides said the collaboration would create added value for both organisations, explaining that banks require highly qualified professionals while the university seeks to prepare graduates with the knowledge and skills demanded by today’s labour market.

“Through continuous communication with productive sectors of the economy and society, we gain valuable feedback on emerging needs, allowing us to prepare our graduates even more effectively,” Christofides said.

On his part, Skandalis said the partnership with the University of Cyprus strengthens the framework supporting the sustainability of the banking sector while creating the conditions for developing an ecosystem centred on educating the next generation.

“Initiatives such as internships, experiential learning and the organisation of annual symposiums will contribute to the further strengthening of the financial services sector,” Skandalis said.

The association added that the collaboration strengthens the connection between the University of Cyprus and the real economy, while creating new opportunities in education, research and skills development that respond to the continuously evolving needs of both the financial sector and society.