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21st of November 2018

Economy



Video: Nasdaq Interviews Premier David Burt

“We will continue to build on that legacy of having an excellent reputation, but also making sure that we can be a centre of innovation,” Premier and Minister of Finance David Burt said during a recent interview with Nasdaq.

Asked how the fintech plans plays into the future of Bermuda, Premier Burt said, “I would say that it plays into the future of Bermuda from the perspective that we are already an international financial centre. And being an international financial centre, that means that we have to make sure that we keep up with the regulation so that we can have the type of companies for the future that can locate themselves in Bermuda.

“Bermuda has always been a home of innovation, we’re one of the world’s largest markets when it comes to insurance and reinsurance, and this is something that we will continue to build on that legacy of having an excellent reputation, but also making sure that we can be a centre of innovation.

“The first step we wanted to make sure we did was put in a very tough regulatory regime to make sure there could be no adverse actors inside of our economy.

“The second thing in which we’re doing, is we changed our legislation to allow there to be special purpose banks,” the Premier added.

“Bermuda was never a banking centre, so traditionally Bermuda only has four banks, and unlike other offshore jurisdictions, we’re not a banking centre. Now we’re looking to possibly bring in more participants inside the market that can provide different types of services.”

Premier Burt said, “We’ve seen global attraction, but at the same points in time, you have to temper that optimism with the reality that there are still some challenges which we’re facing.

“The biggest challenge, clearly, that we’re facing is on the banking side, but as I’ve said, that’s not abnormal as there are lots of countries that are facing the same unique challenge.

“So one of the things that we’re doing here in New York, actually, was to meet with a number of banks that were looking to try to entice them to the Bermuda market, who may have an appetite for these types of assets.”

“But in addition to that, we’ve seen the players come in, so there’s large players, we’ve seen other players that are looking at Bermuda. We’ve signed a number of memorandums of understanding to work with companies to move forward, and so we’re seeing investment coming from there.”

“We have seen over 30 companies that have already started up, there are more companies that are in the process of starting their operations in Bermuda, and so we are looking forward to what the future will hold.”

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