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ARTICLE · 18 SEPTEMBER 2026

Can Cyprus Become A True Fintech Banking Hub?

AGPLAW | A.G. Paphitis & Co. LLC
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Cyprus is evolving from a jurisdiction that simply attracts fintech licenses to one building genuine European fintech infrastructure. With new regulatory frameworks including PSD3, DORA, and MiCA converging, the country faces a critical question: can it develop the banking relationships, payment systems access, and institutional depth required to transform licensed entities into a truly interconnected financial ecosystem?

CyprusFinance and Banking
Angelos Paphitis
Angelos Paphitis
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Recent discussions around the future of financial technology in Cyprus has raised an important question: has the country reached the point where it must move beyond attracting regulated fintech companies and start building the infrastructure of a genuine European fintech hub?

In a recent MoneyMatters interview, Ioannis Georgoulas, President of the Cyprus Association of Electronic Money and Payment Institutions (ACEMPI), argued that the traditional narrative of “fintech Vs banks” is becoming obsolete. The future, in his view, lies increasingly in cooperation between established banking institutions and technology-led financial businesses, while Cyprus must develop deeper banking, payments and investment infrastructure if it is to progress from a jurisdiction hosting licences to a genuine fintech ecosystem.

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