“A milestone for Bermuda’s Fintech industry” said Premier & Minister of Finance David Burt as he congratulated Jewel Bank, Bermuda’s first new bank in 21 years, following the issuance of their new full banking licence and Class F digital asset business license from the Bermuda Monetary Authority (BMA) on Monday.
“One of the major headwinds for us attracting more companies to Bermuda, which will create more jobs on island, is the lack of banking services for fintech companies”, the Premier continued. Though there are 15 licenced Fintech companies in Bermuda, all of those companies are banked by overseas banks due to the lack of banking access in Bermuda.
“Jewel Bank will fix this problem, and provide a concrete boost for Bermuda’s growing fintech industry by providing core banking, digital asset custody, traditional and crypto-collateralized lending, fiat currency on/off ramps and stablecoin issuance/redemptions. Though these are technical words that will not mean much to most citizens, this is a sea change for Bermuda and I couldn’t be more excited.
“Bermuda’s fintech journey began in November 2017, when the Government established a cryptocurrency task force that was successful in putting Bermuda on the map for digital asset companies. Despite the naysayers, the Government has continued to tell the Bermuda story around the world which has led to a 50% increase in the number of licensed companies this year.
“Jewel Bank being issued with a full bank license is great news for our digital asset industry. The services that they provide will help to accelerate Bermuda’s development in Fintech and will support the Government’s vision for digital transformation, economic growth and more job opportunities for Bermudians with 40 new jobs being brought into our economy in the near term.
Premier Burt concluded, “I would like to thank MP Wayne Caines, who was responsible for Fintech when this journey began, the Bermuda Monetary Authority and the leadership of former CEO Jeremy Cox and current CEO Craig Swan, the Government’s Fintech team and all of those involved for the incredible work in believing and supporting the Government’s vision for the development and growth of our Fintech industry.”
“In an uncertain world, Bermuda is doing what it does best, demonstrating leadership in Financial Services, and in the long term that will mean more economic prosperity in Bermuda’s future”.
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