Open Banking in Cyprus

Cyprus transposed PSD2 into national law, with the Central Bank of Cyprus as the supervisory authority. Cypriot banks including Bank of Cyprus, Hellenic Bank, and RCB Bank have implemented open banking APIs following Berlin Group NextGenPSD2 standards.

Cyprus has attracted a growing number of fintech and financial services companies, partly due to favorable tax arrangements and EU membership. The banking sector has reformed significantly since the 2013 crisis, with increased digital service adoption. Limassol and Nicosia host growing clusters of fintech firms.

As a eurozone member, Cyprus benefits from EU payment infrastructure integration, and its position at the crossroads of Europe, the Middle East, and Africa creates cross-border service opportunities.