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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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France Urges EU Response To US With Big Tech Focus

by News Editor

April 3, 2025

France is urging the European Union to take action against American tech giants in response to U.S. President Donald Trump’s tariffs, potentially widening the ongoing trade war in the crucial services sector. As the largest trading partner of the U.S., the EU is pledging to respond to Trump’s 20% tariff on the bloc’s exports.

French government spokesperson, Sophie Prima, mentioned that while the specific measures and targeted products are still under discussion among EU members, a focus on digital services—which currently remain untaxed—could be considered.

This move to integrate the American Big Tech into the transatlantic trade conflict could intensify existing tensions. Previously, French President Emmanuel Macron highlighted that although the U.S. has a trade deficit in goods with the EU, it holds a significant surplus in services.

In 2019, France clashed with Trump by taxing digital services, impacting giants like Alphabet’s Google and Meta. The issue has historically split the EU, with some countries supporting France’s stance while others, like Germany, oppose it. The complexity arises as tax decisions would require unanimity among all 27 EU members, which has been a challenging feat.

Prima indicated a European response targeting services could be ready by the end of April. “We have equipped ourselves with new tools in Europe,” she stated, referring to mechanisms designed to deter coercive measures.