“Internationalism has become part of Limassol's character. The city is very different from when I first moved here, and I believe the growth of its international business community has created opportunities that benefit the city more broadly. The important thing is to ensure that those benefits continue to be felt by everyone who lives here,” payabl. Group CEO, Ugne Buraciene, suggests.
In an interview with GOLD magazine, the Group CEO discusses how Limassol is becoming a city where money moves fast, with financial technology becoming increasingly interconnected as it attracts international talent. She explains what the city must do to fulfil its potential.
payabl. operates from five European locations - Limassol, London, Frankfurt, Amsterdam and Vilnius. What role does the Limassol office play in the company's international growth strategy?
Limassol is an important part of payabl.'s foundations and remains one of our major hubs today. As we have expanded across Europe, our approach has been to build strong local teams while operating as one European organisation. Limassol gives us access to an international talent pool and an established payments and technology ecosystem. It is also a market where we have grown alongside many of our customers, giving us valuable insights into the needs of ambitious businesses operating across borders.
What makes Limassol particularly attractive to fintech companies and how does it compete with other European hubs?
Limassol has developed a concentration of payments, fintech and technology expertise that is difficult to replicate quickly.
There is a strong understanding here of international business. Cross-border commerce and the realities of operating across multiple markets. Cyprus also occupies a distinctive position at the intersection of Europe, the Middle East and Africa, while offering the advantages of operating within the European Union.
I do not think that Limassol needs to compete with London, Amsterdam or Frankfurt. Its strength lies in becoming the best hub for international business in the region.
As the payments industry continues to evolve rapidly, which developments do you expect to have the greatest impact on the sector over the next few years?
Money is moving in more ways and across more places than ever before.
That creates enormous opportunities for businesses, but it can also create more complexity and less control. The most important developments will, therefore, be those that make financial infrastructure faster, more connected and easier to manage. Real-time payments will continue raising expectations around speed, while AI will transform areas such as fraud prevention, risk and operational efficiency. At the same time, businesses increasingly expect payments, accounts, cards and financial information to work together rather than in isolation. At payabl., our belief is that complexity should not be the price of growth. Our role is to connect that infrastructure, information and expertise so businesses can move money with greater visibility and control. Simply put, we make money flow.
Limassol has the expertise to play a meaningful role in that future, provided that its infrastructure and skills continue evolving alongside the industry.
The influx of international technology and financial services companies has transformed Limassol in so many ways. How easy is it for international professionals to integrate into the city's social fabric?
Internationalism has become part of Limassol's character. The city is very different from when I first moved here and I believe the growth of its international business community has created opportunities that benefit the city more broadly.
The important thing is to ensure that those benefits continue to be felt by everyone who lives here. Integration works best when international professionals do not simply work in Limassol but become part of the community and feel invested in its future.
The change I would like to see in Limassol:
I would like to see the digitalisation of public services accelerate significantly. Making everyday interactions with public administration simpler, faster and more digital would improve the quality of life for residents while also making it easier to establish and grow businesses in Limassol.
This interview first appeared in the September edition of GOLD magazine. Click here to view it.
