New businesses, new ideas, new opportunities
You have seen the headlines about a person who met with the Government to present their business operations years ago, never got licensed in Bermuda and ran afoul of the law!
Naysayers want you to believe there is guilt by association. The reality is Bermuda has established a strong, sound and globally recognised regulatory environment for good actors in the fintech industry to grow and thrive.
The burgeoning industry has already created more than 60 jobs in Bermuda and we’re just getting started. The companies that have received licences under the Bermuda Digital Asset Business Act had to go through strict compliance checks overseen by the Bermuda Monetary Authority and are well vetted. As a result, job creation and investment in Bermuda is under way.
Those that attended Cup Match saw Stablehouse emblazoned on T-shirts. That is just one of the countless businesses which has chosen Bermuda as its home.
Just the other day, Circle announced jobs open to Bermudians and training opportunities for Bermudians interested in getting into the fintech industry. Is that not exactly the type of business we want to attract to our shores?
Not only are they establishing themselves here but they are investing in Bermudians.
Further, those who obtain licences are upholding a high standard, thanks to our Regulatory Authority.
Are we saying that fintech is going to solve all our economic problems overnight?Absolutely not. We never pledged that it would bring change overnight; no new burgeoning industry ever has. It takes time to build something stable, sustainable and sound.
We did pledge in our election platform that we would build a foundation to provide long-term economic benefit to our island, and that’s exactly what we are doing.
We should be proud of our small, but mighty, 21-mile jurisdiction leading the way in this novel industry. Let’s come together and send a message to the world that our fintech industry is well regulated and well regarded.
Let’s work collectively to attract other businesses such as Circle and Stablehouse to our shores, which will lead to more opportunities for Bermudians. Let’s not let our fintech industry, and the foundation that we are building for a new and exciting sector of our economy, be tarred by “negative” headlines.
Let’s trust in the expertise of the Bermuda Monetary Authority and the innovative environment that Bermuda is developing, under which job-creating businesses are beginning to thrive.
Let’s encourage this industry, encourage more Bermudians to become involved, and welcome new businesses, new ideas and new opportunities for our country.
• Crystal Caesar is a government backbencher and the MP for Southampton West Central (Constituency 31)