Christodoulides sets out Cyprus’ ambition to expand its role in fintech

Limassol, Cyprus. President Nikos Christodoulides said on Tuesday that Cyprus seeks a stronger role in financial innovation, offering international companies and investors a route into the European market. He outlined the ambition at the Forbes Cyprus’ Next Gen Banking & Fintech Summit.

Building a base for financial technology

Christodoulides said membership of the European Union, economic stability, a skilled workforce and an expanding technology sector provided Cyprus with a solid basis for attracting fintech investment.

“Our ambition is to strengthen Cyprus’ position as a reliable, agile and internationally connected European gateway for financial innovation,” he said.

He said the government sought to make Cyprus a location where fintech businesses could build substantial operations, create new solutions, secure capital and recruit talent before expanding across Europe and internationally.

Growth and public finances

The president said economic performance and stronger public finances supported those plans, notwithstanding geopolitical uncertainty and economic difficulties across Europe and the surrounding region.

According to Christodoulides, the economy expanded by about 10 per cent during the previous three years. He also said the government had put forward a budget showing a fiscal surplus for a third successive year.

He said the surplus was forecast to amount to approximately 4 per cent of gross domestic product in 2027. Public debt was expected to drop below 50 per cent of GDP in 2026, then reach around 45 per cent at the close of 2027.

Credit rating and investor confidence

Christodoulides cited Standard & Poor’s recent decision to raise Cyprus’ sovereign credit rating from A- to A, retaining a positive outlook. He said the upgrade demonstrated that international investors and financial markets had regained confidence.

He attributed the strong fiscal figures to deliberate policy decisions, saying they reflected greater economic resilience, renewed international confidence and an enhanced capacity to invest in the future.

The president said the government was building a country where stability fostered trust, its European identity lent credibility and its international orientation created further opportunities for investment and growth.