Senate approves fintech Bill

  • Independent Senator: James Jardine

    Independent Senator: James Jardine

Regulators are expected to weed out crooked operators who try to be part of the island’s fintech industry, the Senate heard yesterday.

James Jardine said he was “comforted” by the Bermuda Monetary Authority’s role in drawing up rules to govern the business.

Mr Jardine was speaking as senators passed legislation for a new type of banking licence designed to cater to the fintech industry.

Mr Jardine, an independent member, said the sector was not without risks.

But he added: “What gives me some degree of comfort is of course the involvement of the BMA.

“I don’t think they realise how much everybody is relying on them to winkle out any would-be scam artists or others who think this is an opportunity to make some easy money.”

Amendments to the Banks and Deposit Companies Act 1999 mean a restricted licence for banking will allow fintech companies access to a Bermuda account and the chance to be part of the island economy.

Vance Campbell, of the Progressive Labour Party, said the island’s four banks had so far been unwilling to offer services to new fintech and distributed ledger technology companies.

He was asked if any banks had been identified that will take advantage of the amended law.

Mr Campbell said: “While we know that there are banks globally that do provide banking services for the fintech industry we have not identified a specific bank here.

“Once this legislation has passed then interested parties will go through a process of licensing and from that process we will have the banking services for this industry.”

He added: “I too would like to thank the BMA industry partners for the countless hours of work they have put in on the fintech-related legislation.

“I can’t imagine the sacrifice that they are making, that their families are making and I would like to thank them publicly for that.”

You must be registered or signed-in to post comment or to vote.

Published Jul 31, 2018 at 8:00 am (Updated Jul 31, 2018 at 8:00 am)

Senate approves fintech Bill

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "What is your view of finance minister Curtis Dickinson's first Budget?"
    • Sensible, balanced approach with no new taxes
    • 14%
    • Disappointing, with lack of public spending cuts
    • 28%
    • Ignores serious long-term debt, healthcare and pension issues
    • 51%
    • Tax increases were unnecessary as the Government needs no more money
    • 7%
    • Total Votes: 4209
    • Poll Archive

    Today's Obituaries

    eMoo Posts