Chief Scientist of the Republic of Cyprus, Demetris Skourides, said that "artificial intelligence is not merely a new technology, but a new form of capability, productivity, and competitiveness, which when properly leveraged can evolve into a strategic advantage for a country".
Speaking at the Digital Assets and the Future of Finance Summit 2026, presented by ECOMMBX, Skourides outlined the key pillars of the National Artificial Intelligence Strategy, analysing the opportunities and challenges arising from its implementation, with particular emphasis on the financial sector.
During his speech, he stressed that the discussion around artificial intelligence should not be limited to technology alone. As he noted, “artificial intelligence is a new form of capability, productivity, competitiveness, but also risk,” adding that when applied with proper governance, “it can become a national competitive advantage.” In this context, he explained that the National Strategy was designed with a human-centric approach, aiming to leverage technology both to improve the experience of citizens and customers and to enhance productivity.
He further pointed out that the Cypriot economy is primarily service-based, and that the strategy prioritizes five key sectors, with financial and legal services at the forefront. Referring specifically to the financial sector, he underlined that financial activity “has always been based on intelligence,” but that there is an even more critical element: “trust.” As he noted, “without trust, money does not move, investments do not take place, and institutions do not endure over time.”
In closing, he emphasised that Cyprus is currently at the intersection of financial activity, artificial intelligence, digital infrastructure, regulation, research, and innovation. As he stated, countries that capitalise on this convergence will not merely manage challenges, but will transform them into opportunities to strengthen their future competitiveness. He also noted that artificial intelligence is already being applied in banks, customer service centers, as well as in wealthtech and fintech solutions, demonstrating that the transition to a new era of financial services is already underway.
