Fintech businesses will get immediate approval for five work permits within the first six months of gaining a business permit, according to Walton Brown.

Mr Brown, the Minister of Home Affairs, said in order to be eligible, fintech companies must present a plan for the hiring, training and development of Bermudians.

He told the House of Assembly that closed job categories would not be included.

Mr Brown said: “The Fintech Business Work Permit Policy, which almost mirrors Immigration’s New Business Work Permit policy, allows a fintech company that is new to Bermuda to receive immediate approval of five work permits within the first six months of obtaining the first fintech Business Work Permit.

“Jobs which are deemed to be closed or restricted positions, such as a front office receptionist, or which are entry level, graduate or trainee positions, cannot be applied for as a fintech Business Work Permit.”

Mr Brown said training opportunities will me made through the Department of Workforce Development and Bermuda College, making it easier for Bermudians to achieve certification in various blockchain technology areas.

He said: “The intent is to offer educational offerings that range from basic understanding of blockchain technology to more advance programming certifications.

“In two weeks, we will host a global training company in Bermuda to discuss the potential to set up training facilities here in Bermuda as well as the various courses that can be in place to benefit Bermuda from as early as high-school aged to those who may be looking to jump start a new career path.

“Providing opportunities for Bermudian to take advantage of these exiting new technologies is of paramount importance to us.

Mr Brown added that a new policy and application form will be accessible in due course.

In the past week Government has signed two Memorandum of Understandings with fintech businesses, both promising jobs on the island.

Binance Holdings, the operators of the worlds largest digital currency exchange, promised to create at least 40 jobs in Bermuda, with at least 30 for Bermudians.

Medici Ventures — a subsidiary of Overstock.com — will create 30 jobs in Bermuda over the next three years.

Both companies have also promised to support training opportunities for Bermudians, with Binance committing up to $10 million in sponsoring university-level training in blockchain technology and regulatory compliance.

• To read Walton Brown’s statement in full, click on the PDF under “Related Media”