Government and Association of Cyprus Banks sign MoU on e-signature

Government and Association

Cyprus Deputy Ministry for Research, Innovation and Digital Policy signed a memorandum of knowledge with the Association of Cyprus Banks (ACB) to achieve synergies for facilitating and exploring virtual transactions inside the banking quarter.

The Deputy Ministry describes the MoU as another step closer to the implementation of its countrywide strategy for digital signature, which contains using electronic identity for accessing in statistics systems and the authorized electronic signature which has the equal prison validity as a physical signature.

Government and Association

With the signing of the MoU the banking region proceeds with planning to utilise the brand new tools in the quick future, the Deputy Ministry stated in a press release.
Deputy Minister for Innovation, Kyriakos Kokkinos commented that these days’s MoU paves the manner for the extensive use of this tool, a catalyst inside the route in the direction of modernisation and the digital transformation of the state with the final goal of improving the Cypriot citizens’ fine of life.

He brought that banking, commercial enterprise and personal transactions but specifically transactions with kingdom services ought to quickly be processed with the highest stage of safety from anywhere.

“Especially in a time whilst the reduction of physical presence is a prerequisite for protecting the residents’ fitness,” Kokkinos added.

On his element, Michael Kammas, Director of the ACB said the banking region is dedicated to exploiting generation both thru actions and education programmes but also thru boosting the usage of opportunity channels for processing transactions, especially through the use of generation and digital applications inside the context or the regulatory framework.

“The electronic signature and digital identification card will widen the potentialities of digitisation in our us of a rendering transactions both inside the public and the private zone in addition to in the banks simpler,” Kammas brought.
Stelios Himonas, Permanent Secretary of the Ministry of Commerce and Cyprus’ Digital Champion, stated these days is a very important day for our transition to the virtual global.

“I agree with the settlement signed with the ACB paves the way for the a success penetration of e-signature to our financial system,” he said, including that e-signature is expected to remove pink tape as it safeguards the authenticity of documents signed electronically and certifies the signatories.