Bermuda is Gaining Momentum in FinTech

Wednesday, January 12th, 2022

"Bermuda is gaining momentum.." said Premier David Burt as he outlined the activity noted in Bermuda's fintech sector. "Of the ten licensed digital asset business entities, six were licensed in 2021, including a digital asset insurer that is a digital asset smart contract powered platform that allows insurance entities to create fully-collateralised, fully digital, transparent, trustless and tradable reinsurance contracts. Another two digital asset insurer applications have been granted conditional approval with the licenses to be issued, and there are more insurance related interested parties in the pipeline desiring to integrate digital assets within their operating strategies."

This comes as Premier David Burt is in Switzerland this week following an invitation to attend the Crypto Finance Conference to further promote Bermuda’s digital asset business sector. 

The Premier said: "Growing and diversifying Bermuda's economy is the Government's #1 priority. Every opportunity must be taken to develop this sector which represents a unique chance for Bermuda to pivot from the challenges of the pandemic into greater economic growth in 2022 and beyond." The Premier indicated that, in addition to that mentioned above, he had been made aware of at least fourteen digital asset business applications in the pipeline at various stages, from already received conditional approval to expressing an indication that they plan to make an application imminently. "Our hope is that by the summer the BMA's digital asset business Register may be double its current size."

Premier Burt added: "A bank which utilizes digital assets within its business model has also been approved with the license to be issued. That bank was attracted by the digital asset business framework. And we have seen interest from more banks tied to this sector. There is hard work being done in this area and Bermuda has been well-positioned for the growth that is occurring."