As a result of confidence in Bermuda’s high regulatory standards, the Government is pleased to announce that Bermuda can now offer an option for US banking services to Bermuda licensed FinTech companies.

Signature Bank, a New York-based full-service commercial bank, has agreed to provide a full range of banking services to companies that meet Bermuda and Signature Bank standards.  Signature Bank is a dynamic financial institution that was an early entrant into digital asset space.

Signature Bank is a leader in embracing highly regulated players in the Fintech and digital assets industry.  They are the first bank to launch a New York regulator-approved blockchain-based platform for managing money transfers between clients, months before J.P. Morgan announced their own similar JPM Coin initiative.

Premier, the Hon. David Burt, JP, MP, stated; “The Government has been working diligently to promote Bermuda as the destination of choice for FinTech companies looking for a place to domicile.  We produced progressive legislation in 2018 and have established Bermuda as a leader in the FinTech industry. Bermuda is respected as a well-regulated and legislated jurisdiction in the FinTech space and companies know that this is a safe place to live and work.

“As a result of our business development and promotional efforts, 66 FinTech companies have been incorporated in Bermuda.  However, the absence of banking services for FinTech companies has been an impediment to those companies who are looking to establish a physical presence in Bermuda.”

“Banking for the FinTech sector has been a considerable challenge around the globe.  Banks have been reluctant to take on the risks of dealing with digital assets for fear that they may fall foul of global compliance regulations. Signature Bank’s willingness to consider Bermuda licensed businesses for banking services is a significant vote of confidence in and endorsement of Bermuda’s efforts to create a leading high standard regulatory regime for FinTech business.”

“Bermuda is setting itself apart by providing regulatory certainty combined with a world-renowned reputation for transparency and the highest standards of global compliance. Signature Bank’s endorsement showcases how Bermuda is competitively placed to advance the pace of the digitization of global commerce as modern technology is applied to the highly regulated world of finance.”

Signature Bank is willing to accept banking applications from Bermuda-licensed companies starting today.  Please contact the Fintech Business Unit at fintech@gov.bm or visit www.fintech.bm for more information on how you can apply for an account with Signature Bank, issue digital assets or be licensed to conduct digital asset business in Bermuda.

Joseph J. DePaolo, President and CEO at Signature Bank, explained the quick progress of Signature Bank’s blockchain-based Signet system:  “Since launching at the start of the year, our blockchain based Signet system has on-boarded multiple clients who are using it to send each other millions of dollars, 24 hours a day, 7 days a week.”

DePaolo continued, “Currently, we are seeing trades in the millions some days and tens of millions other days, with the number of Signet clients in the triple digits.  Signature Bank is one of the few banks in the U.S. that will provide deposit accounts and corporate debit cards to cryptocurrency startups but we are seeing non-crypto businesses signing up as well”.

“We are impressed with the progress Bermuda has made to date on a regulatory front, and look forward to working with the Government of Bermuda to help promote growth and expansion of the FinTech and digital asset industry in that country,” noted John Tamberlane, Vice Chairman at Signature Bank.