Mastercard envisions a digitallydriven future for Cyprus, focusing on enhancing payment experiences, fostering innovation, prioritizing cybersecurity, and supporting sustainability and inclusiveness. Cyprus’s adoption of cashless payments is rising, reflecting the successful shift towards a digital economy.
Cyprus is set to revolutionize government services with the launch of 20 new eservices by July 2024. These digital offerings, accessible through the gov.cy portal and digital citizen applications, will simplify tasks like obtaining identity cards, passports, and vital records, marking a significant advancement in bureaucratic efficiency and citizen convenience.
The University of Limassol’s “InterGenic” project aims to bridge the digital and ecological knowledge gap between young individuals and seniors in Lympia, fostering intergenerational learning and communitydriven change. By empowering elderly with digital tools and teaching sustainable living practices to the youth, the project seeks to create lasting bonds and promote inclusive green and digital transitions.
Cyprus is rapidly embracing digital transformation with plans to launch an AIpowered digital assistant and relocate state data centers for enhanced cybersecurity. The country’s shift towards egovernment includes introducing a mobile app for storing official documents, creating a central government gateway, implementing electronic identity and signatures, and integrating artificial intelligence across sectors.
Cyprus is revolutionizing its rural digital infrastructure with a €35 million investment in ultrahighspeed fiber optic internet, aiming to connect all citizens to the digital economy and drive economic growth. An additional €10 million will subsidize 82,000 homes in underserved areas, making gigabit connectivity more accessible and affordable, marking a significant leap in technological advancements for the nation.
In 2023, AstroBank achieved a record aftertax profit of €30.4 million, a significant growth from €12.2 million in the previous year, reflecting a Return on Equity (RoE) jump to 13.9 percent and a robust capital adequacy ratio of 23.7 percent. The bank’s strategic management and digital innovation were key to this exceptional growth, establishing AstroBank as a key player in serving both entities and individual customers in Cyprus.
The MDigiI Project by the Cyprus University of Technology, funded with €2.8 million, aims to revolutionize the maritime industry through digital innovation. Starting in January 2024, it will develop cuttingedge technologies to enhance safety, efficiency, and sustainability in shipping, creating a national research infrastructure for Cyprus.
Cyprus is gearing up to become a regional tech hub, investing in digital infrastructure and research to boost connectivity and innovation. With EU support and national initiatives, the nation aims to bridge the digital skills gap and emerge as a leading player in technology on the global stage.
Cyprus has signed an €8 million Enterprise Agreement with Microsoft to digitally transform its public sector, providing 10,000 users with Microsoft 365 licenses for enhanced productivity and modernized IT infrastructure. The partnership includes training and support to ensure a successful transition to a more efficient and innovative digital state.
Eurobank Cyprus achieved record aftertax profits of €199.4 million in 2023, a 111% increase from the previous year, through operational efficiency, cost management, and strategic growth. The bank’s costtoincome ratio improved to 18%, capital adequacy ratios exceeded regulatory requirements, and it focused on digital transformation and wealth management, while adhering to ESG initiatives.
