Senior manager Potamitis discusses Deriv’s ambitious plans for Cyprus
Online broker Deriv this week announced the expansion of the company’s Cyprus-based operations to Nicosia.
Deriv, which opened its first Cyprus office in Limassol four years ago, said that the new office is set to open in mid-December and will be located at the Asteroid building.
“Cyprus plays a crucial role in the online trading industry,” said Rakshit Choudhary, co-CEO of Deriv.
“With Nicosia’s reputation as a thriving hub for innovation, our investment here not only strengthens our operational framework but also allows us to tap into the vibrant ecosystem of talent that Cyprus has cultivated,” he added.
Following the announcement, the Cyprus Mail spoke with Andreas Potamitis, the senior engineering manager at Deriv, to find out more about the company’s expansion in Cyprus, as well as the evolution of the country’s fintech sector.
“Deriv’s mission is to democratise trading by making it accessible to everyone,” Potamitis said, reflecting the company’s 25-year journey in the financial markets.
He said that their focus is on building intuitive platforms, offering a wide range of assets, and creating a supportive environment for traders of all levels.
“We’ve always believed that anyone, from complete beginners to experienced traders, should have the opportunity to participate in the financial markets,” he added.
Moreover, he mentioned that innovation remains a driving force for the company.
“We’re always exploring new ways to use AI and other tech tools to improve our services, streamline operations, and ultimately provide a better experience for our clients and partners,” he said.
Regarding the decision to establish a new office in Nicosia, Potamitis said that this marks an important shift for the company.
“Deriv’s Nicosia office is a strategic investment in our future,” Potamitis explained.
He pointed to the city’s skilled workforce and vibrant research and tech scene as key factors.
“This new innovation hub is key to Deriv’s evolution, allowing us to develop next-generation fintech solutions and perhaps even redefine the future of online trading,” he said.
While Nicosia will focus on specialised roles such as trading analysts, DevOps/WinOps engineers, and low-code or no-code developers, it will work in close synergy with the Limassol office.
Speaking on the collaborative nature of their operations, he said that the Nicosia office “will prototype and test new concepts, allowing Deriv to maintain operational stability while simultaneously pushing the boundaries of what’s possible in online trading”.
Potamitis is also optimistic about Cyprus’ role as a hub for fintech and online trading companies.
“Cyprus is a thriving hub for fintech companies, and for good reason,” he said, referencing its strategic location, which provides access to a diverse range of markets.
“The island boasts a highly skilled and multilingual workforce, particularly in the areas of finance and technology, making it an ideal location for fintech companies seeking to establish or expand their operations,” he added.
“Cyprus,” he continued, “offers a favourable business environment with a robust regulatory framework, competitive tax rates, and a strong government commitment to supporting innovation in the financial sector.”
He also said that “this combination of factors makes Cyprus an attractive and strategic location for fintech companies looking to thrive in the global market.”
What is more, Potamitis explained that the Nicosia office will play a key role in advancing Deriv’s technological priorities.
“Deriv’s commitment to making trading accessible globally is underpinned by continuous innovation,” he said.
“We’re looking for candidates who possess strong creative and forward-thinking skills,” Potamitis said.
Additionally, he sees the new office as a “dynamic space where innovation will thrive, helping to shape the future of trading”.
In terms of sustainability, Potamitis said that the company’s 25th anniversary saw the creation of a new long-term vision for social responsibility.
He explained that this includes “supporting scalable, action-based projects that contribute to global sustainability and community well-being”, with Cyprus playing a role in this vision.
“We are actively looking for long-term sustainable projects in Cyprus,” he said.
Looking ahead, Potamitis said that “the initial focus is on assembling a world-class team in Nicosia.”
Specifically, he highlighted the importance of attracting talent with expertise in AI and technology.
“I envision it contributing to Deriv’s growth strategy by aligning with our industry’s evolving landscape and addressing emerging trends by becoming a vibrant centre for collaborative innovation,” Potamitis concluded.
