Kraken backs Cyprus finance and tech talent with six university scholarships

Kraken, through its parent company Payward, has awarded six postgraduate scholarships at the University of Cyprus, supporting students in finance and data science as the international financial technology group strengthens its links with the island’s academic community. The scholarships were presented on Monday, October 12, during a ceremony in Nicosia, with three awarded to MSc Finance students and three to MSc Data Science students for the 2026 – 2027 academic year. The initiative forms part of a partnership between Payward and the university’s Faculty of Economics and Management, with recipients selected through established university procedures based on academic merit and financial need. The awards will contribute towards students’ tuition fees, although the published announcement did not specify the individual amounts. Alexia Theodorou, European Head of Derivatives and CEO of Kraken Cyprus, said the partnership reflected the company’s confidence in the country’s academic institutions and their contribution to the financial services industry. “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.” Meanwhile, University of Cyprus rector Tasos Christofides stressed the importance of cooperation between higher education and business in preparing graduates for changes in the economy. “At the University of Cyprus, we believe that investing in talented young people is an investment in the future,” he said. He explained that university education extends beyond qualifications, helping students develop critical thinking and practical skills, while partnerships with the private sector can create new opportunities and strengthen links with the wider economy. The event was also attended by Deputy Minister to the President Irene Piki, who linked the scholarships to Cyprus’ broader efforts to improve digital skills, financial literacy and economic competitiveness. Addressing the recipients, Piki said their achievements reflected the dedication and skills that Cyprus would need as its economy becomes increasingly dependent on technology and specialised knowledge. She also drew attention to the risks associated with the growing complexity of 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.” She also mentioned that improving financial education required cooperation between the government, universities, regulators and businesses, particularly as technological developments change the skills expected of graduates. The ceremony included a panel discussion on “Financial Innovation and Digital Education”, bringing together Chief Scientist for Research, Innovation and Technology Demetris Skourides, Kraken executive Stavros Vassiliades, financial expert Tassos Yiasemides and Demetris Sparsis. The discussion examined the relationship between digital finance, technological development and financial education, including the need to make financial services safer and more accessible. A central message was that the development of a digital financial environment should be accompanied by practical financial knowledge, allowing people to make better long-term decisions, particularly when planning for retirement. The university also acknowledged the contribution of former University Council chairman Tasos S. Anastasiou, under whose leadership the scholarship initiative was developed. The partnership comes as Kraken expands its presence in Cyprus, which serves as 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, with operations covering regulated financial instruments and derivatives. The importance of the island to the company’s European strategy was previously discussed by Vassiliades. He explained that Kraken’s Cyprus operation sits at the centre of its European derivatives business, while its Irish-regulated entities support crypto-asset services under the EU’s Markets in Crypto-Assets Regulation (MiCA). Vassiliades also identified access to qualified professionals in compliance, risk management, anti-money laundering and financial technology as an important factor in Cyprus’ appeal to international financial services companies. The six university scholarships provide a direct link between the company’s investment in Cyprus and the development of graduates with skills relevant to an increasingly technology-driven financial sector.