Panikkos Vakkou: The Critical Role Of Financial Literacy

by THEFUTURE.TEAM

October 19, 2025

The financial industry is being fundamentally reshaped by innovations such as artificial intelligence, open finance, and big data analytics. Panikkos Vakkou, Vice Chairman of the Cyprus Securities and Exchange Commission, cautions that citizens must cultivate robust digital financial literacy to navigate the benefits and inherent risks of these new technologies.

Balancing Opportunities And Risks

While AI and related technologies offer powerful capabilities by analyzing vast datasets, making informed investment decisions, and reducing costs through the minimization of intermediaries, they also introduce significant risks. Vakkou warns of the dangers that come with opaque algorithms, lack of accountability, and the potential for data inaccuracies, all of which can lead to poor financial decisions that impact quality of life.

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The Imperative For Digital Financial Literacy

Digital financial literacy has emerged as a pivotal factor in managing today’s complex financial ecosystems. Individuals who are knowledgeable about modern digital tools not only safeguard themselves from deceitful schemes and scams but also enjoy a reduced financial burden and enhanced decision-making capabilities. This demand extends beyond basic financial education to encompass a wide range of digital competencies critical for maintaining financial health.

National Strategies And Educational Initiatives

Cyprus serves as a leading example in this digital transition, having implemented a National Strategy for Financial Literacy that prepares its citizens for an increasingly digital financial environment. In collaboration with the Education Ministry, initiatives such as dedicated courses in secondary schools are designed to provide younger generations with practical and relevant financial knowledge. These efforts are closely aligned with European and international policy priorities focusing on financial inclusion and literacy.

Addressing The Digital Divide

Vakkou also highlights the challenges posed by the digital divide. Younger individuals, despite their tech-savvy nature, can be vulnerable to impulsive decisions influenced by social media and deceptive get-rich-quick schemes. Meanwhile, older individuals may struggle with the complexities of digital platforms and advanced financial tools, such as robo-advisors and algorithm-based trading applications. Bridging this gap necessitates a dual focus on technological innovation and comprehensive education.

Investing In A Resilient Future

Ultimately, ensuring that technology serves society rather than undermining it hinges on our collective ability to educate and empower citizens. A well-informed public is not only better equipped to harness the advantages of modern financial innovations but is also more adept at mitigating associated risks, paving the way for a sustainable, equitable financial future.

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Cyprus-Based ASBIS Hits Record $1.05bn In Monthly Revenue, Up 216% Year On Year

by News Editor

October 21, 2026

The technology distributor ASBIS Group, headquartered in Limassol, has exceeded $1 billion in monthly sales for the first time in its history, reporting preliminary consolidated revenue of $1.05 billion in September 2026, more than three times the amount recorded a year earlier.

The figure represents a 216% increase from $332 million in September 2025, making it the highest-revenue month in the company’s history.

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ASBIS reported its strongest sales growth in servers and server components, while CEO Serhei Kostevitch pointed to growing demand for artificial intelligence solutions and computing infrastructure as an opportunity for the business.

For a company operating across Europe, the Middle East and Africa, September marked a new sales milestone following several months of substantial year-on-year growth.

Kostevitch attributed the record performance to the group’s existing operations, highlighting its broad product portfolio, international market presence and strong relationships with manufacturers and trading partners.

“Most importantly, this result is the outcome of our regular operating activities,” he said.

The CEO also highlighted the company’s portfolio of projects as a reason for confidence in continued AI-related development.

However, the group’s growth was not limited to AI-related technologies. Smartphones also performed strongly in September, with Kostevitch stressing that “we are growing beyond the AI segment as well.”

Kazakhstan, the United Arab Emirates and Ukraine accounted for the largest shares of ASBIS’s September revenue, followed by Slovakia and Poland.

Growth Follows Record First Half

September’s results follow a period of strong financial performance for ASBIS.

In July, the company reported preliminary consolidated revenue of $531 million, an increase of 89% compared with the same month in 2025. August brought a further rise to $604 million, up 91% year on year.

September’s $1.05 billion figure represents a substantial increase on both months, although the company has not provided a detailed breakdown explaining the acceleration.

The results also follow a record first half of 2026, when ASBIS generated approximately $2.97 billion in consolidated revenue, up 76% year on year.

Net profit after tax reached $80.6 million, compared with $19.4 million in the same period in 2025.

The second quarter was particularly strong, with revenue reaching $1.69 billion, an increase of 78.7%, while quarterly net profit more than tripled to $44.3 million.

ASBIS has emphasised that its September revenue figures are preliminary estimates and may differ from the final reported results.

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