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.
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.
Proven + trusted financial services jurisdiction.
Regulatory, legal and financial certainty and leadership.
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.
Formation of new ICOs and the continued development of Bermuda as the global hub for blockchain and fintech.
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.
The growth in this sector will diversify the economy, introduce a new revenue stream, and reduce national debt.
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.
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
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.
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.
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.