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FINTECH: The Revolution Where No-one Gets Hurt

FINTECH: The Revolution Where No-one Gets Hurt

By Fotini Tsikkou, COO, ECOMBX


Fintech: It’s the buzzword of our times, often described as the 5th industrial revolution. But is it really a revolution? Think about it: What do all revolutions have in common? They effect change by completely banishing the old system and replacing it, often violently, with a radically different new system.


Leading, not dictating


In this case, however, fintech (financial technology) companies have not ousted anyone. Instead, fintech would be better described as the next generation in the financial sector, a new dimension, the latest update. Existing financial institutions do not have to be eliminated – as in a revolution. Both banks and fintech companies are merely different vehicles running side by side. And like cars, the ones that will conquer the market are the ones that satisfy the demand for three key features: Performance, Efficiency, and User Experience. Indeed, consumers – individual as well as corporate – are both the trigger and the winners of this ‘revolution’. Give them what they need and no one gets hurt. Everybody stays and everybody wins.


So where is Cyprus on this revolutionary financial services playing field?


Cyprus is a long-established international business centre. As such, players in the field know what it takes to attract and retain new international business: a clear framework of streamlined and effective policies and procedures that offer both customers and service providers fair and reliable protection. Such a framework must cover a sound tax regime and be aligned with EU guidelines and regulations. In addition, and if Cyprus hopes to position itself as a prime EU business hub, those who serve the international business community must be open to digital transformation. Ultimately, to keep customers happy and to create a lasting relationship, they must combine sophisticated services with a user experience that will meet high standards.

How can that be achieved? To begin with, broken trust must be repaired and re-established with both local and correspondent banks. This relationship has not yet fully recovered from the financial crisis, so consumer tolerance is low and demands are high. Next, technology must be embraced and exploited for the benefit of international businesses operating across borders and currencies. In other words, financial services providers must align themselves with fintech standards. Investing in technology to provide new products and services within the technological infrastructure is not optional. At the very least, they must source specialized external partners that can deliver whatever they cannot adopt overnight.


Welcome to ECOMMBX


ECOMMBX epitomizes this forward-thinking mentality, combined with an almost instant response to new technology and how to employ it in the interest of their customers. Even during an unprecedented health crisis and the subsequent uncertainty and socio-economic challenges, ECOMMBX kept up the rapid pace and continued to grow and reinforce its operations with new people, new products, new ideas and new strategies. Existing know-how is continually fuelled with new blood to deliver a stream of innovative services.

It would be foolish to play down the challenges of the future. But it is wise to pre-empt and understand that this is a revolution with a difference. One that recognizes the need to preserve the human factor that was the foundation of the past and apply it to all that today’s state-of-the-art financial technology has to offer.




+357 22270349

[email protected]

Pindarou 27, Alpha Business Center, Ground Floor, Nicosia


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