Premier Signs Another Fintech Related MOU

June 8, 2018 | 18 Comments

The Premier signed an MOU today “establishing a strategic partnership with interests from the Republic of Korea”, with the MOU involving B-Seed Partners, FinHigh Capital and B.F.S. Holdings as partners in a new Bermuda venture, Bermuda FinTech Accelerator which “could lead to a potential investment of up to $10 million.”

This was announced by the Government, which said, “BFA intends to deploy in Bermuda a developed pipe-line of fully funded FinTech projects and cutting edge FinTech technology not yet available in Bermuda, which will benefit the community through efficiencies, the creation of jobs and educational opportunities for Bermudians.”

Premier Announces MOU (1)

Speaking at the press conference today, Premier David Burt said, “Bermuda’s leadership in the development of a FinTech industry supported by a sound regulatory base is attracting the attention of the world. This Government’s determination to produce the right framework for growth in this area has set a high standard.

“As I have said before, we promised to usher in an era of business development that, at its core, would diversify Bermuda’s economy and provide opportunities for Bermudians to be more than spectators to economic success.

“We want to partner with those investors who share our goal of using the development of their business interests as a means by which to provide that economic success to Bermudians who have for too long been sidelined.

Premier Announces MOU (2)

“Today I am pleased to announce such a partnership. B-Seed Partners and FINHIGH Capital as well as BFS Holdings Ltd. have indicated their desire to join with us in growing the FinTech industry in Bermuda through the establishment of a FinTech Accelerator and an investment of up to $10 million for that purpose.

“The MOU we sign today sets out our agreement to work collaboratively toward that goal and I am pleased to confirm that Bermuda FinTech Accelerator Ltd. will be a Bermuda exempted company and is in the process of incorporation.

“Where goals are a fit with our aims and objectives we will partner. Where the employment opportunities for Bermudians can be enhanced we will partner. When the educational opportunities for Bermudians are increased, we will partner.

Premier Announces MOU (3)

“This is an exciting development which has come as a result of this Government’s clearly manifested leadership in this area. Our commitment to a well regulated business environment means that those who do business in Bermuda will depend on those very same factors that have served Bermuda so well.

“I wish to thank this team for their vote of confidence in Bermuda and in the leadership this Government has brought to the development of this industry for the benefit of the people of Bermuda,” Premier Burt added.

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Comments (18)

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  1. Jus' Askin' says:

    :-(

  2. cpm says:

    Are they tied to the work permit regulations which we all have to follow?
    If not, can we see who is working here from that company via the PADI transparency?

  3. smile says:

    Warren Buffetts and Jamie Dimon warning people about bitcoin in CNBC interview last night.

    “You both have said some pretty nasty things about bitcoin recently,” the CNBC host said with subtlety, adding: “Which one of you hates bitcoin more?”

    “I set a high standard,” Berkshire Hathway Chairman and chief executive Warren Buffett said in response. The business magnate has delivered several withering criticisms in the past including calling bitcoin a ‘real bubble’, suggesting cryptocurrencies will see a “bad ending”, suggesting investing in bitcoin is akin to gambling and most infamous of all, calling bitcoin “rat poison squared” as recently as May.

    • Jus' Askin' says:

      Crypto Currency should have Warren Buffett and others like him upset ;-)

  4. Rocky5 says:

    Literally my head is spinning from all the MOUs!! But when will something real happen as a MOU means absolutely NOTHING unless an ACTUAL binding agreement is signed??!!

    • sandgrownan says:

      LOL, it’s like going to church and praying. It gives the illusion of doing something but achieves nothing.

  5. Onion Puke says:

    Yeah, but they all look so pretty in their Kermit the Frog green.

    • Payattention says:

      I couldn’t agree more! What beautiful green! Far better than that green with envy you’re wearing!

      Keep up the great work PLP!

      • Question says:

        How many jobs has this “created” exactly? Burt thinks it’s 70 jobs. Can we see a photo of those 70 Bermudians with new jobs?

        No, I didn’t think so.

  6. Question says:

    I wonder if they know how Burch feels about Asian people?

  7. Ringmaster says:

    How about a contract signing for 20 new buses? About as likely as all these MOUs completing.

  8. Observer says:

    Also , how about getting all the Government Department’s trucks fixed so these sections can get their work done properly.
    Trucks are out for months at a time. More private trucks on road working for Gov’t than Gov’t trucks.

  9. Rocky5 says:

    Seriously people – South Korea! They couldn’t find somewhere closer to home? Something really NOT right here!!

  10. Retro says:

    I really hope government is properly vetting these people

    • Ringmaster says:

      The public aren’t allowed to see the details. From what is apparent these MOUs say each company will work with the Government to create the laws and regulations, pay $10m to play and train the compliance people. What could go wrong! Foxes guarding the chickens. It’s not a third pillar but just another branch of IB. But will it turn out to damage IB?

  11. wahoo says:

    Does anyone else notice our junior minister of finance is strangely absent from the photos?

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