Minister Hayward – Robust Legislative Framework and Innovative Ecosystem Drive the Increase of FinTech in Bermuda

The Ministry of Economy and Labour is pleased to advise that (1 May), the Minister of Economy and Labour, Jason Hayward, spoke at the International Tech Summit, held from 29 April to 3 May 2024.

This global digital asset conference brings innovators, leaders, builders, and everyday citizens from around the world to Bermuda. The summit demonstrates blockchain’s real-world use and its impact on everyday life in Bermuda.

Minister Hayward opened the International Tech Summit’s afternoon session expressing his enthusiasm for the group gathering to celebrate a shared vision and commitment to excellence and innovation. He also reflected on the tremendous strides Bermuda has made in shaping the Island’s FinTech landscape and the opportunities to come.

Minister Hayward explained, “In recent years, Bermuda has been at the helm of FinTech innovation, driven by a robust legislative framework, starting with the pioneering Digital Asset Business Act of 2018. This visionary legislation has positioned the Island as a leader in this dynamic sector and stands as a testament to what clear regulatory foresight can achieve.

“As a result of our efforts, over the past year alone, the number of companies engaged in FinTech activities in Bermuda has surged from 23 in 2020 to 72 by the end of 2023. From a licensing perspective, Bermuda is now home to 28 DABA-licensed companies, a robust increase that reflects the confidence the global community places in our jurisdiction. This growth indicates Bermuda’s strength and commitment to fostering a high-quality ecosystem of innovative financial services.

“Let us remember that FinTech’s influence extends far beyond mere numbers. It is about authentic, measurable impact—creating jobs for Bermudians, enhancing skills, and paving the way for a brighter future.

Our focus has always been to empower Bermudians, enabling them to participate and excel in FinTech. Initiatives like the Government’s support of this conference, its annual FinTech Training & Education Programme, and its annual Tech Education Day equip our youth and professionals with the skills necessary to be innovative leaders.

“By fostering an environment of learning and growth, we want to ensure that the benefits of FinTech reach throughout the community, building a knowledgeable and competent workforce that is ready to take on global challenges.”

To that end, the Ministry is pleased to advise that the Government will soon release a robust Fintech strategy based on five strategic development pillars, which include:

  • Ensuring Bermuda has a progressive and agile regulatory environment.
  • Fostering an innovation ecosystem.
  • Ensuring international collaboration and market access.
  • Facilitating incubation, investment funding and entrepreneurial programming; and
  • Investments in Talent Development and Education.

Minister Hayward continued, “The vision for FinTech in Bermuda extends far beyond today’s current ecosystem; it is a vision that moves FinTech from the fringes of society to becoming the bedrock of daily financial activities and interaction.”

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