During the TechIsland Summit 2023, held on September 20th at the picturesque Molos Seaside Park, a standout discussion from Panel No. 6 delved deep into the current alignment and potential harmonization between Cyprus' banking sector and the rapidly evolving demands of the tech industry.

With the banking landscape undergoing significant transformations globally, the TechIsland Summit sought to emphasize the symbiotic relationship between traditional banking infrastructures and the fintech world. In the past, such collaborations between banks and fintech companies were scarcely seen. However, the tides are changing, with more international banks now forming strategic alliances with fintech counterparts.

Ugne Buraciene, Group Chief Executive Officer at payabl., highlighted that while fintech firms excel in being client-centric, "The whole ecosystem of fintech cannot exist without banks. There is a role for every player." She also hinted at leveraging artificial intelligence for streamlining payabl.'s API processes.

Taking from the traditional banking world, Demetris Nicolaou, Chief Digital Officer at Bank of Cyprus, emphasized their drive towards digitization. He shared insights about "The Jinius digital economy platform," which is geared towards enhancing customer-friendly capabilities. "We see digitizing the bank ecosystem as our responsibility," he added.

Elena Yost, from LGT Private Banking, noted the mutual benefits garnered from collaborations between conventional banks and fintech firms.

Moderating this illuminating discussion was Loukas Antoniou, Head of Treasury at Wargaming.

While fintech acceptance policies starkly differ from their banking peers, and the financial infrastructure is known for its complexities, there's a consensus: there's an inherent desire amongst banks to innovate and enhance their processes, albeit within the confines of stringent regulations.

The TechIsland Summit, celebrated for its commitment to fostering innovation, knowledge, and collaboration, saw participation from over 300 influential figures from the realms of government, technology, and business. With Cyprus' burgeoning potential as an IT hub, such discussions play a pivotal role in charting out the nation's trajectory for technological and economic growth.

Click the Tag below to read more of this year's Summit.