Fintech is transforming the way we do business and has sparked the creation of innovative, new technologies that deliver financial services in ways never before imagined. Optimising its status as a blue-chip jurisdiction, Bermuda has quickly become a global hub for fintech enterprises and innovation and continues to make strides in the space, both locally and globally.
With its significant expertise in regulatory management, the island has developed a cutting-edge ICO legislation. Its legislative framework has created a unique environment that prioritised 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 the framework provides to the industry, which attracts the best-structured companies to be a part of Bermuda’s fintech ecosystem.
As Bermuda’s fintech push continues to bear fruit with more companies setting up on the island, the vision of this government is to establish a sound regulatory environment and to establish a centre of excellence where companies can do business securely. During early 2019, 66 fintech-related local and exempted companies were already listed on the Bermuda register. This kind of momentum and activity requires the right resources and support. The Government of Bermuda therefore created the Fintech Business Unit (FBU), which is fully dedicated to developing Bermuda’s rapidly expanding fintech space.
The FBU has three main goals:
● To promote Bermuda as the jurisdiction of choice for technology companies.
● To encourage economic growth, job creation and revenue generation.
● To introduce education, professional development, and awareness programmes in order to bolster the local workforce as it gains the technical skills needed
for jobs in the fintech sector.
Coupled with the island’s sound regulatory environment and its reputation as a world-class business destination, the development of fintech services will ensure that Bermudians can fully participate in its development.
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