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Fintech sector expected to double in size this year, Budget speech predicts

Bermuda’s fintech-friendly policies have made the island a global leader in the industry, the Premier said yesterday.

David Burt, also the finance minister, said during a breakdown of the 2022-23 Bermuda Budget that three digital asset businesses had been licensed by the Bermuda Monetary Authority since the start of January.

Mr Burt said: “Fintech companies are investing in Bermuda, creating jobs for Bermudians and contributing to the economy and our local charities.

“This industry will only stand to benefit Bermuda and it demonstrates why the Government must keep the end in sight as it aggressively pursues policies that will make Bermuda an early leader in this field.”

He added that, with 13 businesses now licensed on the island, the number of companies was expected to double this year as existing ones expanded their operations.

The Government targeted the sector after the House of Assembly passed the Digital Assets and Business Act in 2018.

Bermuda experienced a boost in licensed companies in the field last year after six businesses were approved.

Mr Burt said: “Despite the constant criticism from the Opposition, we have persevered, and now Bermuda is reaping the benefits of this Government’s vision and persistence.”

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Published February 26, 2022 at 8:04 am (Updated February 26, 2022 at 8:04 am)

Fintech sector expected to double in size this year, Budget speech predicts

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