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Cyprus Recognised As Strong Innovator For Third Consecutive Year

by THEFUTURE.TEAM

July 9, 2024

Cyprus has maintained its position as a “Strong Innovator” in the European Innovation Scoreboard for the third consecutive year. Ranked 10th among EU member states, Cyprus achieved 106.3% of the European average, marking the highest growth in innovation performance across Europe since 2017. The Deputy Ministry of Research, Innovation and Digital Policy reported increases in 15 of the 32 assessed indicators this year. Notably, Cyprus excelled in categories like “Linkages” and “Attractive research systems,” showcasing effective collaborations and robust research outputs.

Innovation Ecosystem and Government Policies

Deputy Minister Dr. Nicodemos Damianou highlighted the significant evolution and performance of Cyprus’ research and innovation ecosystem, attributing success to effective government policies. The country aims to create favourable conditions for scientists and entrepreneurs, ensuring that research and development spending translates into tangible benefits for society and the economy.

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Focus on Collaboration and Research Excellence

Cyprus was acknowledged as a top performer in “Linkages,” reflecting strong collaborations between innovative businesses and research institutions. Additionally, the country scored high in “Attractive research systems,” underscoring the quality of its international scientific publications and the presence of prestigious research institutions.

Commitment to Continuous Improvement

The Deputy Minister stressed the importance of continuously evaluating and improving the innovation ecosystem. Through a new impact assessment mechanism, the government aims to ensure that Cyprus’ trajectory in innovation remains on a path of substantial improvement, benefitting both the economy and society.

By maintaining its strong position in the European Innovation Scoreboard, Cyprus demonstrates its commitment to fostering a dynamic and innovative environment, driving progress and development across multiple sectors. This achievement reflects the country’s strategic focus on research, innovation, and collaborative growth, positioning it as a key player in the European innovation landscape.

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Chime’s Nasdaq Debut: A 37% Leap in the Fintech Arena

by News Editor

June 13, 2025

Chime set to debut on Nasdaq

On June 12, 2025, Chime had a groundbreaking debut on Nasdaq, where its shares surged by an impressive 37%. Initially priced above the expected range at $27, the shares closed the day at $37.11, setting a new market cap of $13.5 billion. From a valuation of $25 billion in its last venture round, this IPO marks a recalibration for Chime amidst evolving market dynamics.

The offering raised roughly $700 million, with an additional $165 million from existing shareholders. Despite the lower valuation, CEO Chris Britt highlights Chime’s commitment to serving Americans earning $100,000 or less, often overlooked by traditional banks. “We help our members avoid fees, access liquidity, and build savings,” Britt stated confidently.

Chime’s strong revenue momentum, with $518.7 million reported last quarter and a revenue increase by 32% year-over-year, underscores its growth potential. The company also achieved $25 million in adjusted profitability, improving its profit margin by 40 points over the past two years.

Chime now stands among fintech giants like eToro and Circle, rekindling investor interest in fintech IPOs. The future looks promising as other players like Klarna and Bullish eye public offerings.

For further insights into fintech innovation and investment opportunities, explore European Banking Evolution: Cyprus as a Catalyst for Regulatory Innovation and discover how Cyprus continues to play a pivotal role in financial advancements.