Speech by the Chief Scientist for Research, Innovation and Technology, Demetris Skourides HackAIthon: AI in Fintech – The Power of Personalization

Speech by the Chief Scientist for Research, Innovation and Technology, Demetris Skourides

HackAIthon: AI in Fintech – The Power of Personalization

Ladies and gentlemen,
Esteemed participants,
Sponsors,
Distinguished guests,

As Cyprus’ Chief Scientist for Research, Innovation, and Technology, it is my pleasure to welcome you here today at The Warehouse by IT Quarter in Limassol for HackAIthon: AI in Fintech – The Power of Personalisation. I would also like to extend a warm welcome to all of you, on behalf of the Deputy Minister of Research, Innovation, and Digital Policy, Dr. Nicodemos Damianou. This event serves as another step in our journey towards establishing Cyprus as a global leader in research, innovation, and technology.

I’m particularly excited about the Quadcode Hackathon since it represents our goal of bringing brilliant minds together from various fields to harness AI. As an AI evangelist, I recognise its great potential to transform various industries, as well as the fact that AI isn’t just a technological advancement; it’s a paradigm shift towards the creation of more intelligent and efficient systems, profoundly improving our daily lives. This hackathon offers a unique opportunity to drive innovation and shape the future of fintech through collaborative efforts and cutting-edge technological tools.

Hackathons are becoming a key method for founders and innovators to boost and promote their products and services. They foster a unique environment where creativity, collaboration, and competition come together to drive rapid innovation. By participating in hackathons, individuals and teams can push the boundaries of what is possible, developing solutions that can quickly move from concept to reality. These events are incubators of innovation, providing a platform for new ideas to be tested, refined, and launched into the market.

Our vision for Cyprus, and one of my key responsibilities as the Chief Scientist and CTO of Cyprus, is to position the country as a leading hub for research, innovation, and technology. We are committed to creating an ecosystem where groundbreaking ideas can flourish, and technology can be leveraged to improve the lives of our citizens and people worldwide. The government’s support for initiatives such as this hackathon is a testament to our dedication to fostering innovation and making Cyprus a beacon of technological advancement.

The “Cyprus 2035” strategic plan demonstrates our commitment to transforming our island into a centre of excellence for research and innovation and one of the best places to live, work and invest. We aim to create an environment that not only develops homegrown talent but also attracts international researchers, innovators, and businesses. Hackathons are a vital component of our broader strategy to foster a culture of innovation and excellence.

Cyprus is rapidly emerging as a centre for Artificial Intelligence development. Our Centres of Excellence as well as research institutions, universities, and tech companies are at the forefront of AI innovation, working on cutting-edge projects that span various sectors, including finance, health and rare genetic diseases, shipping, cultural heritage, critical infrastructures, environmental sustainability, and more. As the Chief Scientist, I monitor extensively the progress made on emerging technology adoption particularly in the areas of Cloud, and Aritificial intelligence, and advocate strongly for organizations to be Customer centric, embrace agility, and lean in on events such as today’s hackathon that have as focus the acceleration of new ideas, minimum viable products that lead to new solutions and experiences for customers.

Moreover, Cyprus has established itself as a premier destination for innovation, largely attributed to an advantageous IP-based income scheme, which provides an 80% exemption on profits derived from the use of intangible assets, effectively reducing the tax rate to 2.5%. The tax regime is among the most competitive in Europe, making Cyprus an attractive location for companies to develop, manage, and take advantage of their intellectual property.

The Cypriot government is fully committed to supporting events that promote research, innovation, and technological development. We provide funding, resources, and a favourable environment for start-ups and established companies to thrive.

Through the Research & Innovation Foundation (RIF) we aim to create opportunities for our brightest minds to showcase their talents and drive the next wave of technological breakthroughs. In fact, the Foundation has so far allocated a total of €149.5 million to members of the ecosystem, funding 958 projects through its RESTART National Funding Programmes

Ladies and Gentlemen,

 As we move towards a future shaped by automation and AI, the importance of personalisation across various sectors cannot be overlooked. Personalisation powered by AI has the potential to revolutionise industries by offering tailored experiences that meet individual-user needs. Hackathons challenge and encourage individuals to innovate and develop solutions that are not only cutting-edge but also user-centric, enhancing the way we interact with technology in our daily lives. From healthcare to education, and from entertainment to smart cities, the applications of AI-driven personalisation are vast and transformative, promising to make our interactions more efficient, effective, and enjoyable.

In the realm of fintech, personalisation can provide new user insights, augment actionable insights such as next best offer, help organizations to understand their customer needs and offer new products to new or lower net-worth customers at marginal cost enhancing the customer insight, leverage customer preference to examine new product development, offer more effective financial education tools, trading platforms that adapt to user preferences, and immersive AR/VR experiences that redefine user engagement. We are at the footsteps of a new era where AI-driven personalisation will transform every aspect of financial services, making them more accessible, efficient, and responsive.

Esteemed guests,

I encourage you all to take this opportunity to expand the horizons of what is achievable. Don’t hesitate to interact with your colleagues, test your hypotheses, and discover new areas in your research. Your involvement and original ideas are essential in advancing the innovations that will shape the future of fintech. Cyprus is dedicated to facilitating your journey and to building a conducive environment for innovation.

As we embark on this exciting journey, I would like to express my gratitude to the organisers, sponsors, partners, and participants for their invaluable support. Together, we can build a future driven by scientific excellence and technological innovation.

Thank you.