Fintech incorporations reach 21 companies

  • Premier of Bermuda and Finance Minister: David Burt (Photograph by Akil Simmons)

    Premier of Bermuda and Finance Minister: David Burt (Photograph by Akil Simmons)

More than 20 fintech companies have incorporated in Bermuda, the Premier said yesterday.

David Burt, who is also Minister of Finance, provided the House with a list of 21 fintech companies.

Organisations such as Binance, Unikrn, iCash, Hub Culture, DES Digital Currency Exchange and Omega One, which were earlier announced, are included on the list. Cryptocurrency firm Arbitrade is also included, with both Arbitrade Ltd and Arbitrade Mining (Bermuda) Ltd listed.

But several unannounced companies are also included.

Mr Burt was replying to questions from Jeanne Atherden, the Leader of the Opposition.

The complete list was: Blockchain Capital Ltd; Unikrn Bermuda Ltd; Crypto Markets International Ltd; XBTO International Holding; iCash Ltd; GeoCash (Bermuda) Ltd; DES Digital Currency Exchange Ltd; Ingot Ltd; Atlantic Digital Ltd; More Ventures Ltd; Arbitrade Ltd; Leila Holdings Ltd; Binance (Bermuda) Ltd; The Handshake (Bermuda) LLC; Uulala Ltd; Omega One Bermuda Ltd; Diamond Ltd; Ledger Ventures Limited; Arbitrade Mining (Bermuda) Ltd; Hub Culture Ltd; and IMI Holdings Ltd.

Mr Burt added that 21 fintech companies have reserved their names to be incorporated in Bermuda, but that he could not identify them.

He said: “The Registrar of Companies does not allow the public to access this information as there is no guarantee that the company will be incorporated and technically the company does not exist.

“Therefore it would be inappropriate to provide the names of the relevant companies.”

Mrs Atherden also asked how many work permits the companies would require and how many jobs would be created — in total and for Bermudians.

But Dennis Lister, Speaker of the House, said it was unlikely she would get answers these questions because they were “hypothetical”.

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Published Jul 28, 2018 at 8:00 am (Updated Jul 28, 2018 at 8:00 am)

Fintech incorporations reach 21 companies

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