“The situation is improving but there's still work to do, particularly around tech infrastructure and connectivity. What Larnaca has is potential. The airport, the upcoming marina and city development projects, and the city’s lower operating costs are real advantages. What's needed now is a more coordinated push to attract companies and retain talent,” the CEO of CFI Cyprus, Elie Aoun suggests.
While most fintech companies in Cyprus are clustered in Limassol, Aoun chose Larnaca as the firm’s base. He tells GOLD how he envisions it becoming a successful new business hub, especially as investors are increasingly being drawn to it as an alternative gateway to the local market and beyond.
CFI is a brokerage company that traces its origin to a private banking department established back in 1998 in Beirut, Lebanon. CFI offers a range of products, allowing clients to trade across various CFDs and stocks. These include CFDs on forex, metals, commodities, stocks, ETFs, ETPs, also CFDs on Cryptocurrency and more.
How would you assess the Larnaca business landscape and its fintech sector in particular?
Larnaca has evolved quite a lot over the past few years. There's a growing sense of momentum here; you can feel it. The business environment is becoming more dynamic and fintech is definitely a part of that story. It's still early compared to more established hubs but that's actually what makes it interesting. The barriers to entry are lower, there's less noise and, if you position yourself right, you can really stand out. We're seeing more interest from international companies looking at Cyprus as a gateway and Larnaca is increasingly on their radar.
Why did your company select Larnaca as its base in Cyprus, rather than Limassol, where most investment firms are located? What are the advantages?
Honestly, the decision made a lot of strategic sense for us. Larnaca has the international airport, which is a bigger deal than people give it credit for. It means that our team, our clients and our partners can get in and out easily. Connectivity matters a lot in this business. Yes, Limassol is where most of the investment firms cluster but we didn't necessarily see that as an advantage. We wanted to build something in a city where we could have more of an impact, where we weren't just one of many. The cost structure is also more reasonable here, which gives us room to invest where it actually matters – in our people and technology.
Is it easy to find talent with the right skills in Larnaca or, at least, people willing to relocate to the city?
It's a mixed picture. Finding highly specialised fintech and trading talent locally is still a challenge; that's just the reality. But what we've found is that Larnaca is actually a pretty easy sell when it comes to relocation. The quality of life here is genuinely good. It's not as hectic as Limassol, it's by the sea, the cost of living is manageable and people who come here tend to stay. So, while we do need to recruit internationally for certain roles, convincing people to move here hasn't been as hard as you might think.
So, could Larnaca become a hub where more fintech companies could relocate or establish offices? Does the city offer the necessary tech infrastructure that this sector needs?
I think it absolutely can become such a hub but it won't happen by itself. That requires a collective effort by the private sector and local authorities. The situation is improving but there's still work to do, particularly around tech infrastructure and connectivity. What Larnaca has is potential. The airport, the upcoming marina and city development projects, and the city’s lower operating costs are real advantages. What's needed now is a more coordinated push to attract companies and retain talent. We'd love to see Larnaca develop a proper fintech identity and we see CFI as playing a part in building that.
Are you seeing increased interest in Larnaca as an investment destination? What does the future hold for the city’s development in this sector?
Yes, there's definitely growing interest and I think it's going to accelerate. Investment in infrastructure across the city is sending a positive signal to the market and investors notice when a city is developing seriously. We're bullish about Larnaca's trajectory. We placed our bet early and everything we're seeing confirms that we made the right call. The fintech and trading sector specifically has huge potential here, given Cyprus' regulatory framework and its position as a bridge between Europe, the Middle East and beyond. Larnaca can carve out a real role in that ecosystem. We're just getting started!
This interview first appeared in the April edition of GOLD magazine. Click here to view it.
