A fintech-friendly bank is to set up on the island and David Burt will be revealing details next week, according to a media report out of Switzerland.

The Premier made the revelation in an interview today with the BBC’s Priya Patel at the Consensys Lounge in Davos, Switzerland, where he is heading the Bermuda delegation at the World Economic Forum.

“I’m proud to say that next week we’ll be making an announcement revealing that a bank will be set up in the country that will start accepting crypto and blockchain companies,” Mr Burt said in the interview, according to a report on the CCN website.

The discussion featured on the importance of focusing on quality over quantity when accepting businesses, CCN reported, adding that this was an issue which Mr Burt said was the main focus for Bermuda looking at crypto and blockchain companies.

The island’s banks have shied away from fintech start-ups, proving an obstacle for the fledgeling industry.

In July, the Bermuda Government made amendments to the Banks and Deposit Companies Act 1999 to create a new type of restricted licence for banks catering to the fintech industry.

At the time, Mr Burt said: “Despite the robust regulations put in place, to date our four local banks have been unwilling to offer services to newly incorporated fintech and distributed-ledger technology companies.

“This is a problem that we must fix or else Bermuda will not be able to realise the possibility of economic growth that can come from a fintech industry on our shores.”

Last October, Mr Burt said he had met in New York with “a number of banks that we’re looking to entice into the Bermuda market, who might have an appetite for this type of asset”.