Twenty-eight financial technology companies have been licensed in Bermuda since 2017, it has been revealed.

Jason Hayward, the Minister of Economy and Labour, said the industry employed 35 staff, which includes 20 Bermudians or spouses of Bermudians.

Mr Hayward said that altogether 72 companies “that engaged in activities related to financial technology” were now listed with the Registrar of Companies.

Speaking in the House of Assembly on Friday, Mr Hayward said that the Government’s aim “to position Bermuda as a global leader in financial technology is taking shape and flourishing”.

He said: “These initiatives have laid a solid foundation for well-regulated companies to join and strengthen Bermuda’s fintech ecosystem.

“We are not merely participants in the global fintech revolution — we are leaders, innovators, and trailblazers. Together, we will continue to write this success story, a narrative in which every Bermudian can take pride.”

David Burt has said that his administration was committed to establishing the island as a global centre for the new industry.

The Premier has also promoted Bermuda extensively on overseas trips in the hope of attracting fintech companies to the island.

Last month, he attended the Satoshi Roundtable conference in Dubai, which he described as “a critical event for leaders in the digital asset industry”.

Mr Hayward said that the industry employed 16 people in 2021, 12 of whom were Bermudians.

That figure rose in 2022 when 16 licensed fintech firms employed 28 staff, 14 of whom were Bermudian.

Mr Hayward said that 72 companies “that engaged in activities related to financial technology“ were also now listed with the Registrar of Companies. He said that compared to 53 in 2022, 36 in 2021 and 23 in 2020.

He described the increase in Bermudians working in the industry as “notable”.

“Over the past few years, the number of individuals employed in the fintech sector has risen, with a notable increase in Bermudian employment.”

He told MPs: “Bermuda is becoming a preferred destination for mature, well-capitalised companies seeking to leverage our innovative regulatory environment.

Bermuda’s fintech vision includes attracting top-tier companies and investors, creating job opportunities for Bermudians and preparing them for sustainable, gainful employment in this sector.

“This is because Bermuda’s youth, professionals, and entrepreneurs must have a chance to be at the forefront of fintech innovation and adoption right here in Bermuda.”

Mr Hayward also insisted that the slight increase in the number of fintech firms here was evidence of “expanding opportunities for our workforce in the field”.

He said the industry’s trajectory was “compelling the Government to provide the Bermudian learner with access to business and educational opportunities related to Fintech”.

He said: “In 2023, as it did in 2022, the Government of Bermuda made educational and training opportunities in fintech accessible to all.

“This training and educational effort includes the annual fintech training programme, which provides Bermudians with an understanding of the possibilities and inner workings of fintech.

“In addition to theoretical knowledge, this programme also introduces participants to leaders in the local industry through seminars and webinars and with in-person meet-and-greet sessions.

“Also, in 2023, as in prior years, the Government of Bermuda ran its annual Tech Education Day, attended by students from high schools across the Island. Every year, this event aims to make technology and fintech relatable and familiar subject matters for students to consider as they make future career decisions.

“To that end, the agenda of Tech Education Day is intentionally diverse and provides various opportunities to relate to, learn from, and question technology and fintech.”

Pointing to another benefit of the industry, Mr Hayward said Bermuda-based companies had collectively raised more than $640 million.

He claimed that this demonstrated the sector’s “attractiveness and growth potential”.

He said: “While most of these investments have been led by international venture capital groups, other investor classes — like family offices and sovereign wealth funds — are now actively deploying capital into the fintech sector.

“These international investments are expected to invigorate our economy further.”

In his closing remarks, Mr Hayward said: “Let me reiterate that the Bermuda Government remains dedicated to providing Bermudians with robust and sustainable opportunities in the fintech sector.

“As we look to the future, let us continue to embrace the spirit of innovation and commitment that has brought us this far.

“Together, we will continue to build a fintech ecosystem that generates economic growth and creates sustainable and meaningful opportunities for Bermudians.”