ECOMMBX expanding to Greece and eyeing establishment in wider European market

ECOMMBX is starting its expansion in Greece, with the aim of establishing itself in the European market and competing with other European banks.

ECOMMBX's CEO and Managing Director, Michael Charalambides, who spoke at the 12th Banking Forum & FinTech Expo organised by Logicom Solutions, also announced that Ecommbx customers will have zero fees on their transactions.

"In Greece, our customers will enjoy 0% cost on their banking transactions," he said, speaking to journalist Adonis Adoni during a fireside chat, explaining that the company will provide this freedom to its users, enabling them to freely carry out transactions, without the usual fees charged by traditional banks.

The announcement constitutes an important step for the company, which seeks to expand beyond the borders of Cyprus and strengthen its position in the European market.

Charalambides underlined the need for strategy and specialisation in the fintech sector, emphasising that success is never easy and requires continuous effort and preparation.

The expansion strategy in Europe and the challenges of the Cypriot market

Discussing investment prospects and the need for specialised strategies, Charalambides referred to the challenge of operating in a market like Cyprus, which, although small, is a critical crossroads between Europe, the Middle East and North Africa.

"Our GDP is mainly based on tourism, and to succeed, we must have a specialised strategy," he said, underlining the importance of understanding international trends and being prepared for the future.

The risk strategy and the need for preparation

Charalambides stressed the importance of change and risk-taking for the development of fintech. Commenting on the local socio-economic situation in Cyprus, he noted that “it is a difficult place to operate, it is not an easy market.”

He acknowledged that in Cyprus we often “shoot our own people”, instead of encouraging innovation and initiatives that could bring about change. “Success is not easy and if it were, everyone would have achieved it”, he said, stressing that it takes hard work, pain and insomnia to succeed in the fintech sector.

Furthermore, Charalambides pointed out that education is the key to success. “The more you educate yourself and see what is happening abroad, the smoother the management of any challenges will be,” he said, reinforcing the need for continuous openness to international markets and the continuous renewal of fintech strategy.

Impacts in America and Europe: The international development

Michael Charalambides did not fail to mention international developments and how they affect Cyprus. In particular, he spoke about developments in the US, emphasising that, "whatever happens in America will eventually find us."

He pointed out that changes in the banking sector, both in the US and the EU, will have serious implications for Cyprus. He referred to the impending reaction expected over the next five years, saying that banks should prepare for the changes that the global economy will bring.

Commenting on recent developments in the EU, he said: "We will see inflation in Europe, but in Cyprus we will say 'look, we are doing well'", offering an optimistic outlook for the island's future.

He explained that developments in the rest of the world may affect Cyprus later, which may be an opportunity for the country to better prepare for what is coming.

Change, risk and preparation for the future

Summarising his speech, Michael Charalambides stated that success in the fintech sector requires change, risk, and preparation for the challenges of the future.

He emphasised the importance of investing in education, accepting necessary changes, and taking risks to achieve our goals.

"Nothing changes if we don't take risks," he stated emphatically, concluding with the need for a dynamic and specialised strategy for the future.

(Source: InBusinessNews)