Bermuda’s development of a Fintech industry continues at a dizzying pace with the Premier of Bermuda and Minister of Finance, the Hon. E. David Burt JP MP today signing another Memorandum of Understanding - this time establishing a strategic partnership with interests from the Republic of Korea.
The signing came during a press conference at the Cabinet Office.
The non-binding MOU brings the promise of educational, cross-cultural exchange and social initiatives to benefit the drive toward economic diversification.
The MOU involves B-Seed Partners, FinHigh Capital and B.F.S. Holdings Ltd. as partners, in a new Bermuda venture, Bermuda FinTech Accelerator (BFA). This could lead to a potential investment of up to $10 million.
BFA intends to deploy in Bermuda a developed pipe-line of fully funded FinTech projects and cutting edge FinTech technology not yet available in Bermuda, which will benefit the community through efficiencies, the creation of jobs and educational opportunities for Bermudians.
BFA intends to cultivate Bermuda’s FinTech Industry by providing training and educational opportunities both on the Island and in Korea, fostering cross-cultural relationships and technical proficiencies, in conjunction with, among others, Sogang University, Seoul, Korea.
Below are the Premier’s remarks at the press conference
Good afternoon and thank you for coming.
Bermuda’s leadership in the development of a FinTech industry supported by a sound regulatory base is attracting the attention of the world. This Government’s determination to produce the right framework for growth in this area has set a high standard. As I have said before, we promised to usher in an era of business development that, at its core, would diversify Bermuda’s economy and provide opportunities for Bermudians to be more than spectators to economic success.
We want to partner with those investors who share our goal of using the development of their business interests as a means by which to provide that economic success to Bermudians who have for too long been sidelined.
Today I am pleased to announce such a partnership. B-Seed Partners and FINHIGH Capital as well as BFS Holdings Ltd. have indicated their desire to join with us in growing the FinTech industry in Bermuda through the establishment of a FinTech Accelerator and an investment of up to $10 million for that purpose.
The MOU we sign today sets out our agreement to work collaboratively toward that goal and I am pleased to confirm that Bermuda FinTech Accelerator Ltd. will be a Bermuda exempted company and is in the process of incorporation.
Where goals are a fit with our aims and objectives we will partner. Where the employment opportunities for Bermudians can be enhanced we will partner. When the educational opportunities for Bermudians are increased, we will partner.
This is an exciting development which has come as a result of this Government’s clearly manifested leadership in this area. Our commitment to a well regulated business environment means that those who do business in Bermuda will depend on those very same factors that have served Bermuda so well.
I wish to thank this team for their vote of confidence in Bermuda and in the leadership this Government has brought to the development of this industry for the benefit of the people of Bermuda.