Stefan Lucas, CEO and founder of industry platform FinTech Armenia, has urged the UK to capitalise on Armenia’s emerging role as a digital finance hub, describing the country as an “open goal” for British firms seeking sustainable growth and new trade partnerships. Stefan Lucas, CEO and founder of FinTech Armenia In a guest editorial for The Fintech Times, Lucas argues that while the UK searches for new economic allies, it often overlooks high-potential markets on the fringes of Europe. He positions Armenia not just as a former Soviet republic, but as a rapidly developing “Eurasian transit hub” for trade and technology. A shifting geopolitical landscape The call to action comes amid significant diplomatic developments. Lucas points to the strategic partnership signed between the UK and Armenia in August, alongside the nearing completion of an Armenia–Azerbaijan peace framework. “When implemented, this agreement will end decades of geopolitical stasis in the region by unlocking borders, creating additional transport links, and revitalising trade,” Lucas writes. Closing the gap According to Lucas, Armenia is already leading the South Caucasus in digital finance and human capital. In 2024, cashless card transactions in the country reached 3.6 trillion drams (approx. $9.1bn), accounting for just over half of total transaction value. He attributes this momentum partly to a massive influx of talent. “This advantage expanded significantly in 2022–23, when thousands of developers, data scientists, fintech and AI professionals relocated from Russia, Belarus, Ukraine and Israel,” he notes. “Many stayed. Banks hired them, startups absorbed them, and new…
Want more insights? Join Grow With Caliber - our career elevating newsletter and get our take on the future of work delivered weekly.
