Bank of Cyprus Responds to Revolut’s Expansion in Cyprus

by THEFUTURE.TEAM

August 27, 2024

The Bank of Cyprus has issued a response to the growing influence of Revolut within the Cypriot market. Revolut, a prominent fintech company, has rapidly expanded its services in Cyprus, attracting a significant customer base with its innovative digital banking solutions. The Bank of Cyprus acknowledges the competition but remains confident in its established position, emphasising its comprehensive range of services, local expertise, and deep-rooted customer relationships as key advantages over newer digital-only competitors.

This situation underscores the evolving dynamics in Cyprus’ banking sector, where traditional institutions are increasingly challenged by agile, tech-driven entrants like Revolut. The Bank of Cyprus’ response highlights the ongoing battle between established banks and fintech companies, each vying to capture and retain a digitally-savvy customer base. This development is a significant example of the broader trend of digital disruption in the financial services industry, which is reshaping how banks operate and interact with their customers.

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In this competitive landscape, the Bank of Cyprus is expected to leverage its strong local presence, regulatory knowledge, and diversified service offerings to maintain its market position against the rising influence of Revolut and similar fintech players. However, as digital banking continues to gain traction, traditional banks will need to innovate and adapt to remain relevant in an increasingly digital world.

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Cyprus Hits Historic Tourism Peak As Overtourism Risks Mount

by THEFUTURE.TEAM

February 13, 2026

Record-Breaking Performance In Tourism

Cyprus’ tourism sector achieved unprecedented success in 2025 with record-breaking arrivals and revenues. According to Eurobank analyst Konstantinos Vrachimis, the island’s performance was underpinned by solid real income growth and enhanced market diversification.

Robust Growth In Arrivals And Revenues

Total tourist arrivals reached 4.5 million in 2025, rising 12.2% from 4 million in 2024, with momentum sustained through the final quarter. Tourism receipts for the January–November period climbed to €3.6 billion, marking a 15.3% year-on-year increase that exceeded inflation. The improvement was not driven by volume alone. Average expenditure per visitor increased by 4.6%, while daily spending rose by 9.2%, indicating stronger purchasing power and higher-value tourism activity.

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Economic Impact And Diversification Of Source Markets

The stronger performance translated into tangible gains for the broader services economy, lifting real tourism-related income and overall sector turnover. Demand patterns are also shifting. While the United Kingdom remains Cyprus’ largest source market, its relative share has moderated as arrivals from Israel, Germany, Italy, the Czech Republic, the Netherlands, Austria, and Poland have expanded. This gradual diversification reduces dependency on a single market and strengthens resilience against external shocks.

Enhanced Air Connectivity And Seasonal Dynamics

Air connectivity has improved markedly in 2025, with flight volumes expanding substantially compared to 2019. This expansion is driven by increased airline capacity, enhanced route coverage, and more frequent flights, supporting demand during shoulder seasons and reducing overreliance on peak-month flows. Seasonal patterns remain prominent, with arrivals building through the spring and peaking in summer, thereby bolstering employment, fiscal receipts, and corporate earnings across hospitality, transport, and retail sectors.

Structural Risks And Future Considerations

Despite strong headline figures, structural challenges remain. The European Commission’s EU Tourism Dashboard highlights tourism intensity, seasonality, and market concentration as key risk indicators. Cyprus records a high ratio of overnight stays relative to its resident population, signalling potential overtourism pressures. Continued reliance on a limited group of origin markets also exposes the sector to geopolitical uncertainty and sudden demand swings. Seasonal peaks place additional strain on infrastructure, housing availability, labour supply, and natural resources, particularly water.

Strategic Investment And Market Resilience

Vrachimis concludes that sustained growth will depend on targeted investment, product upgrading, and continued market diversification. Strengthening year-round offerings, improving infrastructure capacity, and promoting higher-value experiences can help balance demand while preserving long-term competitiveness. These measures are essential not only to manage overtourism risks but also to ensure tourism remains a stable pillar of Cyprus’ economic development.

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