Cyprus Business Now: tech adoption, real estate amendment, VC fund investment

Cypriot businesses have accelerated their digital transformation efforts in 2024, according a study on the use of information and communication technologies (ICT) and e-commerce.

Conducted by the Cyprus Statistical Service (Cystat), the study revealed the widespread adoption of such technologies in order to stay competitive and drive growth.

Specifically, 84.1 per cent of businesses now provide employees with company-funded mobile internet-enabled devices to support remote work, AI integration, and e-commerce.

Playgama, a game tech platform with a presence in Cyprus, announced on Tuesday that it raised $3 million in a funding round led by The Open Platform and s16vc.

The funding roud received additional support from The Games Fund (TGF), FJ Labs, TON Ventures, and Kirill Eves, the CEO and Founder of Unlimit.

The Games Fund is an early-stage VC fund based in New York and Cyprus. It was founded by video game industry veterans and invests in future leaders: innovative early-stage game developers, gaming technologies, and services.

The global payments landscape is poised for transformative growth in 2025, driven by a surge in digital wallets and open banking adoption, according to a survey by payabl., a European financial services provider with offices in Cyprus.

The survey revealed that 82 per cent of merchants anticipate increased use of digital wallets, while 70 per cent expect open banking and instant bank transfers to gain traction, reflecting growing consumer demand for convenient and secure payment solutions.

The European Commission is considering extending state-owned Cyprus asset management company Kedipes’ business plan until 2030, as outlined in the EU’s 17th Post-Programme Surveillance Report.

The extension reflects recent performance trends and adjustments in the company’s non-performing loan (NPL) strategy.

According to the most recent figures, Kedipes repaid an additional €240 million in state aid during the first nine months of 2024, bringing the total repayment to €1.4 billion since 2018.

Anymaster founder Diana Verkhoturova recently gave an interview to Forbes magazine, detailing the Cypriot start-up’s ambitious plans to establish a strong presence in Greece.

Founded in 2023 in Limassol, Anymaster is a digital marketplace that connects property owners and tenants with reliable, vetted professionals for home-related services such as repairs, renovations, and installations.

The company recently secured €350,000 in funding to fuel its expansion into Greece, with key backing from Lamda Development and other notable investors.

The Cyprus Real Estate Agents Registration Council has voiced strong opposition to a proposed amendment to the Lawyers’ Law of 2024.

If passed, the amendment would grant lawyers exclusive authority to draft contracts and documents related to real estate transactions.

In an official announcement, the council argued that this move threatens the viability of the real estate profession in Cyprus and could have “far-reaching consequences for citizens and the economy”.

The proposed amendment, currently under discussion in the House, has been described by the council as “a direct threat to the survival and existence of licensed real estate agents in our country”.

Workers in the cement industry decided on Tuesday to return to work at any companies that have signed the new collective agreement, while the strike, now in its fifth week, will continue where they have not.

The first to sign the agreement as a “symbolic gesture” was the concrete makers’ association chairman Costas Kythreotis, who was among the board members to resign on Monday.

Sek trade unionist Stelios Tsiapoutis told the Cyprus Mail that “the large companies, employing the overwhelming majority of workers in the sector, will be signing the agreement.

Nicosia can “emerge as a model for the combination of urban and regional tourism”, Tourism Deputy Minister Costas Koumis said on Monday night.

Addressing an event held by Nicosia’s tourism development board (Etap), he said Cyprus’ capital can “offer a comprehensive experience for each visitor while protecting its local community and environment”.

To this end, he said Nicosia has “a unique identity which combines its centuries old history with modern cultural and economic development”, and that as such, the development of its tourism sector “must be done through proper planning”.

The Electricity Authority of Cyprus (EAC) said on Tuesday it is striving to reduce its carbon footprint and adopt best practices at the workplace during a presentation of its sustainability report for 2023.

It is the second such report ever issued by the EAC, covering corporate social responsibility as well as ESG (Environmental, Social, Governance) matters.

EAC chairman Giorgos Petrou said the organisation has to operate in a challenging energy environment that requires “business logic, flexibility, efficiency, openness and a customer-centric approach”.

In 2021 the EAC’s total revenues came to €835 million compared to €1.3 billion in 2022 and €1.2 billion in 2023.

The Cyprus Stock Exchange (CSE) ended Tuesday, December 3 with gains.

The general Cyprus Stock Market Index stood at 211.27 points at 12:37, reflecting an increase of 0.15 per cent.

The FTSE / CySE 20 Index was at 128.71 points, reflecting a rise of 0.15 per cent.

The total value of transactions amounted to €704,689 at the aforementioned time during trading.

In terms of the sub-indexes, the main and alternative indexes rose by 0.14 per cent and 0.12 per cent respectively. The investment firm index dropped by 0.01 per cent while the hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+0.68 per cent), Hellenic Bank (no change), NETinfo (no change), Demetra (no change), and Logicom (no change).