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Bermuda's Bridge to the Future...

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29th Apr 2021

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Bermuda is known for its pink-sand beaches, crystal blue waters, and picture-perfect landscapes. However, it's also become known for its forward-thinking outlook when it comes to innovation and technology. From blockchain to virtual currencies and beyond, the world of finance is undergoing a major revolution and Bermuda is making sure it is a leader in the Fintech sector.

Last week, Founder and Chief Strategy Officer Stan Stalnaker sat down with the Premier of Bermuda Hon. E. David Burt for the latest Chronicles Discussion to talk about the future of Bermuda's fintech strategy.

As the Premier outlines, Bermuda's strategy has always been to develop what they have already done so well - the insurance market globally. Bermuda is known for being the world's risk capital, and a centre for innovation in the insurance markets which is an integral part of financial services. Following a discussion between Stan and the Premier back in 2017, it was clear that the Premier wanted to build on this and also make Bermuda a home for digital asset innovation.

In order to attract digital asset businesses to the island, Bermuda has developed a stringent 3-tiered licensing system through the BMA (Bermuda Monetary Authority). This gives companies the option to apply for a full licence, a modified licence that enables you to be within Bermuda's Sandbox while you get fully established, and the new test licence, which allows just that.

This new licencing structure together with many other developments seems to be setting Bermuda up as somewhat of a bridge between new frontier technologies and the legacy infrastructure of the financial system. Find out more and listen to the full fascinating conversation via iTunes, SoundCloud and Anchor.

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