Cyprus Deputy Ministry for Research, Innovation and Digital Policy signed a memorandum of understanding with the Association of Cyprus Banks (ACB) to achieve synergies for facilitating and exploring digital transactions in the banking sector.
The Deputy Ministry describes the MoU as another step towards the implementation of its national strategy for electronic signature, which contains the use of electronic identification for accessing in information systems and the approved electronic signature which has the same legal validity as a physical signature.
With the signing of the MoU the banking sector proceeds with planning to utilise the new tools in the short future, the Deputy Ministry said in a press release.
Deputy Minister for Innovation, Kyriakos Kokkinos commented that today’s MoU paves the way for the wide use of this tool, a catalyst in the course towards modernisation and the digital transformation of the state with the ultimate aim of improving the Cypriot citizens’ quality of life.
He added that banking, business and private transactions but mainly transactions with state services could soon be processed with the highest level of security from anywhere.
“Especially in a time when the reduction of physical presence is a prerequisite for safeguarding the citizens’ health,” Kokkinos added.
On his part, Michael Kammas, Director of the ACB said the banking sector is committed to exploiting technology both through actions and training programmes but also through boosting the usage of alternative channels for processing transactions, mainly through the use of technology and digital applications in the context or the regulatory framework.
“The electronic signature and electronic identity card will widen the prospects of digitisation in our country rendering transactions both in the public and the private sector as well as in the banks easier,” Kammas added.
Stelios Himonas, Permanent Secretary of the Ministry of Commerce and Cyprus’ Digital Champion, said today is a very important day for our transition to the digital world.
“I believe the agreement signed with the ACB paves the way for the successful penetration of e-signature to our economy,” he said, adding that e-signature is expected to eradicate red tape as it safeguards the authenticity of documents signed electronically and certifies the signatories.