Kraken, through its parent company Payward, has awarded six postgraduate scholarships at the University of Cyprus, strengthening its ties with the island’s academic sector and supporting the development of future professionals in finance and data science.

Scholarships Support Future Finance And Data Science Professionals

Announced at a ceremony in Nicosia on Monday, October 12, the scholarships will support students during the 2026–2027 academic year. Three recipients are enrolled in the MSc Finance programme, while three are pursuing an MSc in Data Science.

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The initiative forms part of a broader partnership between Payward and the University of Cyprus Faculty of Economics and Management. Recipients were selected through established university procedures, based on academic merit and financial need. Awards will contribute towards tuition fees, although individual amounts were not disclosed.

Partnership Highlights Cyprus’ Financial And Academic Strengths

Alexia Theodorou, European Head of Derivatives and CEO of Kraken Cyprus, said the scholarships reflect the company’s confidence in Cyprus’ universities and their contribution to the financial services sector.

“Cyprus is one of our two hubs in Europe, and the quality of its universities is part of the reason,” Theodorou said. “These scholarships put our support directly behind six students whose work will shape how finance operates here and across the continent.”

University of Cyprus rector Tasos Christofides emphasised the importance of collaboration between universities and businesses in preparing graduates for a changing economy.

“At the University of Cyprus, we believe that investing in talented young people is an investment in the future,” he said.

Christofides added that higher education should go beyond formal qualifications by developing critical thinking and practical skills. In his view, private-sector partnerships can create opportunities for students while strengthening universities’ connections with the wider economy.

Financial Literacy And Digital Skills In Focus

Deputy Minister to the President Irene Piki also attended the ceremony, linking the initiative to Cyprus’ efforts to strengthen digital skills, financial literacy and economic competitiveness.

Addressing the scholarship recipients, Piki said their achievements demonstrated the dedication and capabilities needed as the economy becomes increasingly reliant on technology and specialised knowledge.

She also highlighted the risks associated with increasingly complex financial products and digital services.

“In this environment, knowledge is protection,” Piki said, adding that “financial literacy enables citizens to make informed decisions, manage risk, avoid costly mistakes and build long-term financial resilience.”

Piki called for closer cooperation between government, universities, regulators and businesses to improve financial education as technology reshapes the skills expected of graduates.

Industry And Academia Discuss Financial Innovation

A panel discussion titled “Financial Innovation and Digital Education” formed part of the ceremony. Participants included Chief Scientist for Research, Innovation and Technology Demetris Skourides, Kraken executive Stavros Vassiliades, financial expert Tassos Yiasemides and Demetris Sparsis.

The discussion explored the relationship between digital finance, technological development and financial education, focusing on ways to make financial services safer and more accessible.

Participants also stressed that the expansion of digital financial tools must be accompanied by practical financial knowledge, enabling people to make informed long-term decisions, including when planning for retirement.

During the event, the university also acknowledged former University Council chairman Tasos S. Anastasiou, under whose leadership the scholarship initiative was developed.

Kraken Strengthens Its Cyprus Presence

The scholarships come as Kraken continues to develop its operations in Cyprus, one of Payward’s two strategic European hubs.

Its Cyprus entity, Payward Europe Digital Solutions (CY) Limited, is authorised as an investment firm by the Cyprus Securities and Exchange Commission (CySEC) under licence number 342/17. Its activities include regulated financial instruments and derivatives.

Cyprus also plays a central role in Kraken’s European derivatives business. Kraken executive Stavros Vassiliades has previously highlighted the importance of the island’s operations, while the group’s Irish-regulated entities support crypto-asset services under the European Union’s Markets in Crypto-Assets Regulation (MiCA).

Vassiliades has also pointed to Cyprus’ talent pool in compliance, risk management, anti-money laundering and financial technology as a factor attracting international financial services firms.

Against this backdrop, the six scholarships represent both educational support and an investment in the talent pipeline for a financial sector increasingly shaped by technology.