Our speed is ideal for fintech race

Make text smaller Make text larger

  • Delivering the goods: David Burt has moved fast on fintech (Photograph by Akil Simmons)

    Delivering the goods: David Burt has moved fast on fintech (Photograph by Akil Simmons)


David Burt, the Premier and Minister of Finance, delivered the government budget in February with a strong focus on fostering economic activity to lead to job creation for Bermudians.

How do we generate economic activity to develop these jobs? What is Bermuda’s value proposition? Why would businesses that sell their goods and services outside of Bermuda want to operate here?

In a very complex world, one advantage Bermuda has is its ability to be quick and nimble to react to the changing needs of businesses, and to enact new and appropriate legislation in response. This “speed to market” was one reason that Bermuda became, and continues to be, a leader in the global reinsurance market.

The same recipe can work for fintech.

Are there risks to Bermuda being quick out of the gates on fintech or any other emerging market? Absolutely.

The legislation needs to be carefully drafted, regulation needs to be robust, and best business practices need to be developed and implemented in alignment with other industries operating out of Bermuda.

Bermuda has earned a reputation as a centre of excellence for international business. Maintaining our high standards as a leading international offshore jurisdiction is critical for Bermuda — and for all Bermudians.

John Wight is the president of the Bermuda Chamber of Commerce

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

Published Jun 27, 2018 at 8:00 am (Updated Jun 27, 2018 at 7:21 am)

Our speed is ideal for fintech race

What you
Need to
Know
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

    Today's Obituaries