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Cypriots Lead Europe In Card Usage, Says CBC Governor

by THEFUTURE.TEAM

January 16, 2025

Cypriots use payment cards 1.3 times more frequently than their European counterparts, with contactless card payments accounting for over half of all transactions since 2022. This was highlighted by the Governor of the Central Bank of Cyprus (CBC), Christodoulos Patsalides, during his address at the 12th Banking Forum and Fintech Expo in Nicosia.

Prioritizing The Digital Economy

Governor Patsalides outlined key CBC priorities, including advancements in the digital economy, the evolution of digital payments, the potential implementation of a digital euro, and regulatory frameworks that balance innovation with governance and societal needs. He stressed that these initiatives aim to strengthen Cyprus’ role in the European financial landscape.

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A Resilient Economy And Banking Sector

Despite geopolitical challenges, the Cypriot economy has shown resilience, achieving robust growth rates above the EU average and maintaining strong fiscal discipline. This has resulted in consistent budget surpluses and upgrades from international rating agencies.

The banking sector also demonstrated resilience, with the Common Equity Tier 1 (CET1) ratio reaching a record 23.5% in Q3 2024—well above the EU average of 16%. Additionally, the Liquidity Coverage Ratio (LCR) stood at an impressive 336%, far exceeding the regulatory minimum of 100% and the European average of 161.4%. Non-performing loans (NPLs) fell to 6.5%, their lowest level since 2014.

However, Patsalides cautioned against complacency, citing macroeconomic uncertainties, geopolitical risks, and emerging challenges such as cybersecurity and climate change. Banks, he added, must adopt innovative business models to remain competitive.

Embracing Innovation In Financial Services

Technologies such as artificial intelligence, cloud computing, digital wallets, and biometrics are transforming the financial landscape, Patsalides noted. While these technologies are already improving customer service, automating payments, and enhancing security, he identified untapped potential in areas like distributed ledger technology (DLT), smart contracts, and tokenization.

Acknowledging the rising risks of cyberattacks, he said that supervising cybersecurity and data protection remains a CBC priority. To foster domestic innovation, the CBC has established an Innovation Hub, facilitating dialogue with fintech stakeholders.

Cyprus’ Leadership In Digital Payments

Digital payments now account for 96% of cashless transactions in Cyprus, with card usage increasing significantly. E-commerce is also on the rise, with online card purchases doubling over six years to comprise 28% of all card transactions. Notably, mobile phone payments now account for nearly a quarter of online purchases, surpassing the EU average of 16%.

The CBC has also introduced instant payment systems, enabling 24/7 transactions with funds available within 10 seconds. Additionally, electronic money (e-money) payments are gaining traction, with the CBC licensing 27 e-money institutions and 11 payment institutions as of 2024.

Digital Euro On The Horizon

Updating on the digital euro, Patsalides revealed that the Eurosystem is advancing its preparation phase. The European Central Bank (ECB) is engaging with market participants and preparing the platform and infrastructure for the potential issuance of the digital euro.

Focus On ESG And Sustainability

Patsalides also addressed the evolving ESG (Environmental, Social, and Governance) regulatory landscape, emphasizing strong governance, transparency, and ethical standards. Social factors like diversity, labour practices, and human rights are increasingly critical for credit institutions, alongside climate-related considerations.

To support these efforts, the CBC has established a Sustainability Team, aligning with its mandate to maintain price stability, safeguard financial stability, and contribute to net-zero carbon emission goals.

By continuing to innovate and adapt, Cyprus is poised to strengthen its position as a leader in the digital economy and financial services, Patsalides concluded.

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Elevating Infant Nutrition: Nara Organics Unveils Premium Organic Formula

by THEFUTURE.TEAM

July 30, 2025

The Origins Of A Vision

When Esther Hallam welcomed her daughter Nara into the world, she immediately confronted a formidable challenge: identifying a trustworthy, high-quality organic infant formula. In a U.S. market dominated by cost-cutting practices—such as the use of skim milk supplemented with oils to meet nutritional standards—Hallam observed a disconnect between established availability and uncompromised quality. Research linking corn syrup to obesity and palm oil to reduced calcium absorption only reinforced her resolve to seek a safer alternative.

Redefining Industry Standards

Frustrated by the limitations of existing options, Hallam devoted seven years to developing an organic, whole-milk formula with the expertise of leading scientists and pediatric nutritionists. Nara Organics distinguishes itself by offering the highest percentage of milk fat of any formula on the U.S. market and a significantly reduced reliance on plant-based oils. The carefully selected blend of organic sunflower, coconut, and rapeseed oils not only meets nutritional needs but also minimizes potential health risks inherent to additives like palm oil, soy, and corn syrup.

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Manufacturing Excellence In Germany

Rather than manufacturing domestically—a decision influenced by previous concerns over Cronobacter contamination in American facilities—Nara Organics leverages the advanced, oxygen-controlled production environment of a German facility, widely regarded as the birthplace of powdered infant formula. Chief Marketing Officer Meika Hollender detailed that their unique manufacturing process, which minimizes oxygen exposure during can sealing, substantially extends shelf life and preserves formula integrity, setting a new standard in infant nutrition.

Strategic Investment And Market Impact

Backed by $32 million from prominent investors including AlleyCorp, BBG Ventures, Corazon Ventures, Gingerbread Capital, and Torch Capital, Nara Organics has also garnered support from high-profile celebrity investors such as Serena Williams, Gina Rodriguez, and Nicky Hilton. This robust investment positions the company at the vanguard of an organic infant formula market projected to grow from $20.7 billion in 2023 to $37 billion by 2032.

Enhancing Consumer Accessibility And Community Commitment

Nara Organics is available for purchase directly via its website, subscription models, and a dedicated mobile app that assists parents in tracking essential aspects of infant care. To underscore its commitment to community well-being, the company is donating over 1,400 cans of formula to the Good+ Foundation, which strives to alleviate multi-generational poverty by providing essential services to under-resourced families.

By merging state-of-the-art production with a commitment to organic, high-quality ingredients, Nara Organics is poised to redefine the benchmarks of infant nutrition in a competitive, evolving market.