...areas for growth for the year ahead include: digitisation drive, liquidity management solutions, focus lending in growth sectors, expansion of disintermediation and drive in wealth management.

The benefits from the consequent recovery of property prices has started to trickle into the local banking sector. The challenge is to structure and promote products that complement traditional deposits, while being able to offer solutions to the corporate sector and individuals alike in a form that avoids repetition of past mistakes.

RCB Bank, as a responsible business, stepped in without delay to continue offering a high level of service to corporate and individual clients via its digital channels and tools which are the future of banking during and post the pandemic.

Cyprus has achieved another year of remarkably strong growth in 2018. We expect that this positive development will continue in 2019 driven by strong growth of domestic demand and exports of services, as well as continuous flow of new investments into hotels, commercial and residential real estate and energy projects.

Cyprus is an excellent investment destination and a highly competitive international business centre, whose many comparative advantages set it apart from most jurisdictions

It is anticipated that banks will take advantage of the current economic recovery and the available legal tools in order to continue with the disposal of certain assets and internally through workouts by their specialised units.

CyprusProfile.com asked Cybarco Development Ltd CEO Michalis Hadjipanayiotou which key areas of opportunity or growth he sees in the construction and real estate sector, and what his expectations are for Cyprus in 2019.

Cyprus has continued to attract companies in the fintech, investment, forex and IT sectors, which is creating enormous career opportunities for both local and international candidates. In addition to its advantageous tax regime and business friendly approach, Cyprus is a very attractive and safe place to live and work, says co-founder of GRS Steve Slocombe.

Living proof of how lucrative the fund industry can be and the dynamic it brings, is that at the end of 2018, the Cyprus funds industry boasted a total of approximately €6.3 billion assets under management, displaying significant growth over the past few years, says One Plus Capital Director, Pavlos Philippides.

Market operators must also adapt with the strengthened interaction between competition law and regulatory law, says L Papaphilippou & Co LLC Managing Partner Leandros Papaphilippou.

The Cyprus Stock Exchange has a new dynamic board determined to take the Exchange to the next level. At its helm is Chairman Marinos Christodoulides, who says the key to future success is adapting to market conditions and opening new lines of service to attract more market participants.

In 2019, sectors such as Digital Innovation, Data & Analytics, Cyber Security and Fintech will help the profession grow further. In addition, new service offerings such as wealth management, funds and fund management and licensing will continue to grow, says Christos Vasiliou, Managing Director of KPMG in Cyprus.

Investing in innovative solutions will allow Cyprus based companies to significantly increase the levels of automation and free up its talent to focus on high value add tasks, says SAP Cyprus Sales Director Hellas, Cyprus & Malta, Alex Mouradian.

To maintain and improve the level of services that our clients have come to expect, we need to double our efforts to attract, motivate and retain professionals with the skills required in the new digital environment, says EY Cyprus Country Managing Partner Stavros Pantzaris.

The Cyprus fund industry is growing steadily, but could attract more fund managers if it takes advantage of the current opportunities arising from Brexit and the positive momentum created by its new AIF and securitisation laws, says EY Law head Charalambos Prountzos.

Pioneering work in the relatively new field of heritage sciences is just one of several coups by the Cyprus Institute, the island’s leading science and technology institution, which has been in operation for just over a decade, says CyI President Costas Papanicolas.

The Cyprus citizenship and residency regimes are some of the best internationally, but more can be done to further improve the programmes and their reputation to ensure long-term benefits for the local economy, says Yiannos Trisokkas, Managing Partner, Henley & Partners.

Cyprus is fast becoming one of the top emerging international business hubs in Europe, due to its continuous efforts to upgrade its legislative and regulatory framework as well as its strong network of professional and financial services, says Marios A. Klitou, CEO, Baker Tilly South East Europe.

Creating investment funds to match investors needs and promoting Cyprus as an important gateway to Europe for Middle and Far Eastern investors could establish the jurisdiction as the Singapore of Europe, says Tony Trescothick

More effort should be made to attract reputable international providers of banking, custody and fund administration services, to assist in placing Cyprus on the map of credible fund jurisdictions, says Fiducenter MD George Savvides.