Telecommunications and E-Commerce Minister Renee Webb went to bat for Bermuda as an e-commerce base yesterday.

And in the wake of the collapse of the Internet bubble, she promoted the Bermuda Stock Exchange as a stepping stone for e-commerce start-ups which are not ready for an initial public offering on a world stock exchange.

"Our expertise and advancement in the realm of e-commerce is an addition to, and augmentation of, our existing status as a pre-eminent domicile for international business,'' Ms Webb said. "Bermuda has always been a home to businesses that have solid business plans backed by real expertise and experience.'' She said all the professional service provision is in place in the infrastructure and the legislation has been put in place.

"Specifically the adoption of the Electronic Transaction Act of 1999 and the Standard for Electronic Transactions or Code of Conduct of 2000 has offered predictability, security and confidence to e-business providers and consumers in Bermuda.'' Bermuda has a deregulated telecoms market and is connected to the world, via Cable & Wireless and TeleBermuda, with more than enough bandwidth to cover 15 million simultaneous voice and data connections. She also said the Island can offer an e-commerce incubator and the opportunity to secure venture capital.

She also explained how, through Quo Vadis, public key infrastructure technology is available to address the security, authentication and non-repudiation issues of e-commerce. "In June 2000 the United States Congress approved a bill that allows consumers and businesses in the United States to sign contracts electronically over the Internet. That law came into effect on October 1, 2000, which is nearly a year after the Electronic Transactions Act 1999 came into force in Bermuda, which puts us a little further ahead on the learning curve.

"A Bermuda solution can help protect companies in terms of online fraud.

First Atlantic Commerce offers its customers an Internet bank card fraud detection system, which protects e-commerce merchants from the risks of card-not-present transactions over the Internet. Transactions that go through this payment gateway are secure.'' Bermuda offers every help with setting up a company, she said. "The service providers in the island effectively act as e-business consultants. Examples include the accounting and law firms as well as First Atlantic Commerce, Independent Consulting Solutions, Promisant and Transact-e-biz.com who help prospects with company formation as well as selecting the right partners.

Bermuda is home to one of the world's first on-line electronic incorporation services via the law firm Appleby Spurling & Kempe.'' The Minister explained the benefits offered by listing on the Bermuda Stock Exchange's Mezzanine Market.

"The harsh lesson that many companies have had to learn is that an initial public offering and even a listing on the Nasdaq can be onerous. The stepping stone of the BSX's Mezzanine Market is designed to give companies access to institutional money, and the prestige of a listing, without having to comply with the restrictive initial public offering regulations which are designed to protect the interests of small retail investors.

"The Mezzanine Market gives a company breathing space to prove out its business plan, consolidate its assets and put in place the right infrastructure and management team to start generating revenues and profits in readiness for the eventual full public float.'' AP Photo Boosting Bermuda: Telecommunications and E-Commerce Minister Renee Webb spreads the word in Atlanta.

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