BERMUDA:

THE FUTURE OF
FINTECH
Fintech is transforming the way we engage with traditional finance:

From credit and loans, to saving, transferring and spending money, fintech has birthed innovative new technologies to deliver the services in ways never before imagined. From blockchain, to virtual currencies and beyond, the world of finance is undergoing a major revolution.

Our Objectives

The Bermuda Government understands the power and disruptive potential of this technology and has identified an opportunity to be a pioneer in this sphere. Bermuda is leveraging the island’s significant expertise in regulatory management and is a leader in the fintech space with cutting-edge ICO legislation. The legislation creates a unique environment that prioritizes regulatory certainty, investor confidence and compliance with international Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. There are many benefits to the certainty and stability that this framework provides to the industry and this attracts the best-structured fintech companies to be a part of the Fintech Bermuda ecosystem.

Trust

Proven + trusted financial services jurisdiction.

Leadership

Regulatory, legal and financial certainty and leadership.

Innovation

Pioneers of the world’s most progressive ICO legislation

FINTECH BERMUDA’S IMPACT

Our key purpose is to develop a welcoming and stable environment for innovation and prosperity for Bermuda and its people through the ongoing development of the epicentre of the global FinTech industry in Bermuda. We continue to engage key stakeholders, and partners using their expertise to ensure we move prudently to develop the structures and support systems that ensure our objective is a globally respected leader in this space.

LAUNCH OF ICOs

Formation of new ICOs and the continued development of Bermuda as the global hub for blockchain and fintech.

JOBS

The industry will attract new jobs to the island of Bermuda – technology, compliance, legal, and financial. Concierge and support industries are targets for boosts in job figures.

ECONOMIC IMPACT

The growth in this sector will diversify the economy, introduce a new revenue stream, and reduce national debt.

SOCIO-ECONOMIC IMPACT

New revenue stream will improve the lives of all Bermuda residents, through investment in technological education, jobs and opportunities for entrepreneurship and technological innovation.

Innovative. Hospitable. Business-Ready.

Bermuda has consistently demonstrated innovation and creativity since its discovery in the 1600’s. From sailing, to agriculture, to tourism and global financial matters, we have been the originators of world-changing models. In 2018, the island continues to punch above its weight with legislative and regulatory restructuring designed to ensure Bermuda is at the forefront of the Blockchain revolution.

MEET THE FINTECH BERMUDA TEAM

The Bermuda Government led by the Premier and the Minister of National Security has enlisted a powerhouse team to drive the Fintech Bermuda initiative, leveraging regulatory, legal and technological expertise from Bermuda and the world.

Premier The Hon. E. David Burt, JP, MP
Premier and Minister of Finance

Premier the Hon. E. David Burt, JP, MP, is Bermuda’s youngest Premier. He is a graduate of The George Washington University in Washington, D.C., where he graduated cum laude with a Bachelor of Business Administration with a double major in Finance and Information Systems.

The Hon. Wayne M. Caines, JP, MP
Minister of National Security

The Hon. Wayne Michael Caines MP, JP, BA LLB (hons) is the Minister of National Security with responsibility for ICT policy, innovation, blockchain and digital asset technology. He is the CEO of Seniac Consulting, a telecommunications and organizational management consulting firm and is the former CEO of Digicel Bermuda, a division of the Caribbean’s largest telecoms operation.

Loretta Joseph
FINTECH & REGULATORY ADVISOR, GOVERNMENT OF BERMUDA

Loretta is a dynamic, skilled banking, financial and consulting professional with over 25 years in financial markets and related sectors. She has a worked for major investment banks at Board, MD or senior management level throughout Asia and India including, RBS (India), Macquarie Group  (India), Deutsche Bank, Credit Suisse and Elara Capital (India).

Lydia Dickens
Chair, Legal & Regulatory Committee, FinTech Working Group

Lydia manages the operations of the Business Development Unit (BDU), which includes working in partnership with the BDA industry focus groups, government departments, and other stakeholders to facilitate legislative and policy reform. The BDU also works closely with the BDA to provide assistance to new businesses seeking to establish operations in Bermuda.

John Narraway
Chairman, Business Development, FinTech Working Group

John is an entrepreneur and CEO of Airis Aerospace, an air-taxi startup. His expertise and insights into the future of technology and its socioeconomic impact have provided him with opportunities to consult for governments and businesses on the shape of things to come.

BLOCKCHAIN AND FINANCIAL SERVICES

Blockchain expert, and best-selling author, Don Tapscott identified “The Golden Eight”, eight key ways that financial services will be transformed through emerging technologies. Blockchain technologies will impact every form and function of the financial services industry; from retail banking and capital markets to accounting & regulation. They will force us to rethink the role of banks and financial institutions in society. Whereas the old world was hierarchal, slow-moving, reluctant to change, closed and opaque, and controlled by powerful intermediaries, the new order will be flatter, offering peer to peer solutions; more private & secure; transparent, inclusive, and innovative.

– Don Tapscott: Blockchain Revolution

Glossary of Terms
FINTECH BERMUDA
PARTNERS, REGULATORY BODIES & THE LAW

Bermuda Business Development Agency

The BDA can be your first stop to unlock the potential of using Bermuda for your ICO or fintech business launch. The BDA team can help connect you with the appropriate legal and advisory services and provide a roadmap of elements required to optimise your Bermuda presence.

LEARN MORE

Bermuda Monetary Authority

The “Bermuda Standard” that has cemented the island’s position as a blue-chip jurisdiction is reliant on the strength and certainty of robust regulation, and reliable consistent application of laws and policies. The Bermuda Monetary Authority is our chief regulator on issues of fintech.

READ MORE

Ministry of Legal Affairs and the Attorney General’s Chambers

Bermuda Law is based on the Common Law legal system of England and Wales. All laws including those that apply to the Fintech Bermuda initiative will be available to view online at Bermudalaws.bm.

LEARN MORE

RECENT NEWS

Discussion about Fintech has garnered significant media and public interest in recent years and Bermuda’s formal entrée into the world of disruptive technology in 2017 has likewise been part of the local and international conversation about emerging financial technologies.

Check out Fintech Bermuda in the news.

Learn more about
Fintech Bermuda




FINTECH BERMUDA HQ
Ministry of National Security

P.O. Box HM 1364
Hamilton HMFX
Bermuda

fintech@gov.bm
(441) 297-7819

LAUNCHING AN ICO?
Bermuda Business Development Agency

ICO Application Form

Maxwell Roberts Building 6th Floor, 1 Church Street, Hamilton HM11

Kevin Richards
Fintech@bda.bm
(441) 292-0632

MEDIA ENQUIRIES?
Department of Communications

Global House, 43 Church Street, Hamilton HM 12, Bermuda Government

Nea Talbot

ntalbot@gov.bm