" We hereby confirm that KPMG Limited(“KPMG”), the Cyprus member firm of KPMG, had appointed, in August 2019, PIVOT Management Consulting(OPC) Pvt. Ltd. (“PIVOT”) a consulting firm based in India to undertake a study of the Cyprus Small Medium Enterprises(“SME”) segment and provide recommendations for development of the same.

 

PIVOT’s team had adequately completed the work submitting a report based on the agreed scope, covering review of the Regulatory and Non- Regulatory landscape, analysis of Capital and financial markets issues especially relating to SME segment and made recommendations as to how Cyprus could position as a potential Regional SME Hub, referring to financial innovations and best practices from other European and Asian Markets that could be introduced."