Per information on Bermuda local news outlet, Royal Gazette fintech firms operating on the island for some time now had challenges when it came to getting financial services from financial institutions on the island. However, these firms now have an opportunity to explore New York-based Signature bank package of financial services coming their way.
Besides coming in to provide financial services to Bermuda fintech industry, the entrance of Signature bank into the Island is a clear sign that Bermuda is heading in the right direction. Since the emergence of the new sector, Bermuda has been striving its best to make its island the center for both blockchain and crypto firms. In the course of its development, Bermuda made amendments to its Banks and Deposit Companies Act 1999 to cater to the new group of business operators in the fintech sector alongside their counterparts in the blockchain sector. These among other developments are what led to Signature bank launching their services in Bermuda. While commenting on the launch, John Tamberlane Signature Bank vice Chair said;-
“For us, the progress and developments being made by the government in terms of regulations impressed us and led to us launching our services on the island. We look forward to working with the government and believe combining our efforts will help propel Bermuda’s digital asset and fintech industry.”
On the other hand, David Burt Bermudian Premier had this to say;-
“The willingness of Signature Bank to fill the gap in our financial sector and provide licensed fintech firms in Bermuda with financial services is a vote of confidence on our efforts. Besides that, it also endorses our efforts of trying to amend our regulatory frameworks to cater for business operators in the fintech sector.”
Bermuda also has Regulations for the Issuance of ICOs
While the government is working on regulations for the fintech sector, it also drafted rules and regulations for initial coin offerings (ICOs). Now to float your tokens on the island, players have to provide the government with a detailed report containing all the aspects of the project and the people involved. With the regulations already in place, the government issued its first license in 2018. Further on, due to its progress in making regulations for the fintech sector, Bermuda has had an influx of fintech firms been created within its borders. Currently, there are 66 fintech firms in operations.