Modern banking has globally shifted towards a digital function, with apps and online banking being prime examples of the transition. Cyprus has been no exception.
This technological advancement marks a significant step forward for the Cyprus banking sector and Cyprus economy overall, as going paperless enhances business development on the island, increases accessibility and reach of banking products as well as meeting the sustainability concerns currently impacting all businesses and consumers alike.
Payment and E-Money Institutions
Cyprus’ ideal and strategic location provides a safe and attractive destination for Fintech firms, international high-tech companies and non-EU investors, to start their operations. Cyprus is an internationally recognised financial centre, with a sound banking sector, a well-established common law system and a highly competitive tax regime. Regulators and competent authorities take a positive pro-business approach to facilitating fintech activity – all of which offers optimal conditions for new and existing players.
Cyprus has harmonized its legislation with the relevant EU directives and practices governing the operations of Payment Institutions (“PI”) and Electronic Money Institutions (“EMI”).
Both PI and EMI, once established and duly licensed in Cyprus, may offer their services freely within the EU on a cross-border basis or by establishing branches, without any further authorization from the Central Bank of Cyprus (“CBC”) as they benefit from EU rules on freedom of provision of services.
The provisions of electronic money services in Cyprus, is regulated by the provisions of the Electronic Money Laws of 2012 and 2019.
The provision of payment services in Cyprus, is regulated by the provisions of the Payment Services and Access to Payment Systems Laws of 2018 and 2019.
Our list of services include: