Premier: 19 Fintech Companies Incorporated

July 14, 2018 | 57 Comments

19 fintech companies have incorporated in Bermuda, 24 others are in the process of incorporation – for a total 43 companies, Premier and Minister of Finance David Burt told the House of Assembly.

The Premier was speaking during the ‘Premier’s Question Period,’ which was held for the first time in the House of Assembly on Friday.

90 second audio extract with the Premier answering the fintech questions:

PLP MP Kim Swan asked the Premier to “confirm how many fintech companies have been incorporated in Bermuda.”

In response, the Premier said, “There are a grand total of 19, that is 19 fintech companies that have incorporated in Bermuda, Mr. Speaker. And a total of 24 others that have submitted their name reservations and are in the process of incorporation, Mr. Speaker. So that is 43 companies, Mr. Speaker. That is progress under the PLP government.

Kim Swan then asked, “Would the Honourable Premier be in a position to share with us how many of those companies have been incorporated since the PLP came into government in July of 2017.”

Premier Burt replied, “Mr. Speaker I am happy to answer that question. What I could tell the Honourable Member is that before the Progressive Labour Party came into office there was one fintech company established in 2006. Since that point in time, Mr. Speaker, as you have heard, 19 complete, 24 more on the way.”

32-minute audio of the full Premier’s Question Period:

The full audio of the Premier’s Question Period [PQP] is above, and we will post additional extracts and transcriptions as able, and if you have a specific portion you want to see posted as an extract please feel free to leave a comment or send us an email.

The PQP is set to take place every second Friday of each month that the House is in session for a time period of thirty minutes, with the Leader of the Opposition allocated three questions, and other Members can each ask one question, and two supplemental questions.

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Comments (57)

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  1. redrose says:

    Great! But it was a soft question designed to set the Premier up for a good headline – what was not asked is: how many jobs are involved and if there are none how does this fit into the demand from the EU that incorporations in Bermuda must show meaningful economic activity?

  2. Alan says:

    Hope this all translates into lots of good stable jobs!

  3. sandgrownan says:

    Burt’s smugness will come crashing down.

  4. facts of the rock says:

    How many of these have employed Bermudians ?

    NONE!

    • Going downtown says:

      Wait for it! God you people are always critical of every advancement. First they incorporate and then they are validated and then they hire. It’s a simple common sense approach! Be patient!

      • Lol says:

        No that’s called not knowing what you are talking about. That’s what the Oba have done. All talk with no knowledge of how any of this works. And they wonder why they lost and keep losing…

        • Going downtown says:

          I do happen to know what’s going on having made an investment in bitcoin and in FinTech in Bermuda! It’s you and others that don’t have a clue what you are talking about and trying to derail the process! Pi$$ off lo$et!

          • smile says:

            I’m sorry to hear about your investment in Bitcoin. Hopefully you only put a very very small % of your assets into digital currency.

            Joseph Stiglitz, the former chief economist of the World Bank has warned the crypto community central banks have not yet clamped-down on bitcoin and other leading coins because the market is still relatively small.

            The Columbia University professor told Financial News that once crypto “becomes significant” they will “use the hammer”.

            He said: “People in power will move to regulate anonymous transactions. That you can be sure of.

            “Bitcoin could easily be worth just $100 in 10 years.”

            He said: “You cannot have a means of payment that is based on secrecy when you’re trying to create a transparent banking system.

            “If you open up a hole like bitcoin then all the nefarious activity will go through that hole, and no government can allow that.”

            • smile says:

              Bitcoin does not offer any value to the economy. Simply a sketchy instrument to purchase with the hope that a bigger fool will purchase your essentially worthless “coins” at a higher price.
              I’d personally prefer owning 10 Tulip bulbs vs. 10 Bitcoin 15 years from now.

              Even at the BEST of times a scheme like this will not create BERMUDIAN Jobs. But just wait til the bubble burts…… (I mean Bursts) and we will all find out the inner details of the sketchy businesses our esteemed and highly voted in by landslide margin Government officials have been in bed with.

              • Lol says:

                Again you alls ignorance never ceases to amaze me. Cryptocurrency is just ONE Avenue of Fintech. If you all will just stop with the lying and fearmongering and actually researched it you would know why this is a win win for Bermuda. But you all will stop at nothing to get your including sabotage.

      • redrose says:

        I would have thought that if they were going to hire the Premier would have had multiple press conferences to say so!

  5. simple says:

    this garbage isnt gonna create one job for bernudians! i hope they dont pay people in bitcoin cuz that cant buy you a loaf of bread thats for sure!

    • Lol says:

      And please enlighten us on how is that true? Please tell us did these companies say they wasnt after they signed MOUs to make sure the invest in our children and education? Or are you just another OBA troll who clearly knows nothing of what you are trying to talk about? The last question suits you best…

      • sandgrownan says:

        MOU’s are worth……nothing….they mean nothing…..they aren’t legally binding in any way shape or form.

  6. Retro says:

    Who are the nineteen companies?

  7. Lol says:

    You OBA lot really make the rest of us laugh. Where was all the questions about jobs when your Oba made a frivolous promise of 2000 jobs that we haven’t seen one created yet? Instead you had a bunch of redundancies with the most recent being some airport workers. Dont worry the PLP WILL keep up what they said they was going to do because you OBA lot simply wont give them a chance to fail like u did your precious UBPOBa when they KEPT FAILING and still are…

    • Retro says:

      I’m not an OBA supporter. I just want transparency with this new Government intiatiative. So far the only transparent thing has been arbitrade and I don’t mean that in a positive way. So if Prem. Burt wants political points for nineteen newly incorporated companies he should at least list the names of the companies and who is behind the said companies. Otherwise, it’s just more of the same old political hyperbole. I think you should want the same too.

      • Lol says:

        Another liar. But ok whatever. You telling me this government has not been transparent, and even more than the oba? And u say you are not an oba supporter.

    • Stormy daniels says:

      What have the plp done? Maybe I’m missing something.
      People waiting for buses.
      Trash piling up.
      Travel expenses trough the roof. Well the ones we no about anyway.
      And not fixing anything because our governor is presenting the cup match trophy.
      Still no report on the pop a wheeling trash truck or the other truck that ploughed through the wall on shark hole corner.
      Schools still no WiFi.
      And gaming.

      • Lol says:

        90 percent of those problems you just started happened under Your Oba govt now you wanna pass the buck on the PLP. Well guess what the PLP HAVE kept with their promises which we are waiting for the oba to at least fulfill one of theirs. As far as wifi that’s what you are complaining about? They haven’t FINISHED that yet, that doesn’t mean the process has not begun. That takes time to build new networks but like the rest of your failing troll crowd you don’t know anything about technology. The obaubp failed horribly and no matter how many LIES you all tell it will never change that fact. The oba lost us 2000 jobs and you got a nerve to even open your mouth and criticize a party that has only been in power for 10 months versus yours with 4 and half years of nothing. Go figure

    • Synch says:

      The OBA created hundreds of jobs. So far the PLP are at zero.

      • What?? says:

        You are kidding right?

        • Oh Jay says:

          I know you hate the truth, but the plp are doing nothing but bankrupting the island, again.

          The OBA saved us, the plp will destroy us.

          • Lol says:

            Explain to us this “truth” of how the PLP are bankrupting the island? Because the island in all its history has never been close even with 2 billion dollars in debt. More lies. Please answer the question.

        • sandgrownan says:

          That’s actually factually correct.

          Next.

          • What?? says:

            Get a clue.

            Total Occupied Jobs 2012 – 35,443
            Total Occupied Jobs 2017 – 33,481

            A LOSS of 2000 jobs!

            • Toodle-oo says:

              It took a while for the total effects and lack of trust in the PLP to fully kick in .
              And the residual effect is still there trickling down and it’s going to get worse again .

              • What?? says:

                Any excuse. They promised 2000 new jobs but the fact is they lost 2000 jobs. There is no deflecting from that.

            • Answer says:

              Odd that you didn’t mention that in 2008 the number was 40,213. I guess that must have slipped your mind.

              • What?? says:

                Because it wasn’t the point. The claim was that the OBA created jobs. They DID NOT! Deal with it!

            • Going downtown says:

              What happened in 2012 to 2017 to show the OBA years of decline? Stop reporting convenient “facts” like that tricked up PWC report on the AC! More OBA BS!

      • Lol says:

        Where they at? I’ll wait… another lie…

    • Earth watch police says:

      Wtf all these dealings with foreigners they don’t really care about us.

      • Going downtown says:

        Where do you think foreign investment comes from? It comes from foreign companies and individuals stupid! And we need foreign investment to stay alive as we can’t print US dollars! Read a book!

  8. simple says:

    i fact u forgot the oba turned gdp around the first time since 2009 the oba also boosted our tourism for the first time in decades they also made 70 to 300(profit) i can still go on just hang on to the plp ride again and hope bitcoin turns into currency! good luck!

    • Going downtown says:

      You have been reading that joke of a report from PWC? You have no idea how much we the people gave away in customs duties etc. They got rich not us!

  9. Ringmaster says:

    Jobs will be created, but not for Bermudians. How many unemployed Bermudians even know what Fintech is? It will take more than a GED and so the jobs will be expats on work permits. Just more pressure on ordinary Bermudians struggling to survive high cost of living. Funny how the PLP and its supporters rallied against the OBA if they suggested more expats, but it’s OK now.

    • Oh Jay says:

      ” Funny how the PLP and its supporters rallied against the OBA if they suggested more expats, but it’s OK now.”

      Hypocrisy at its finest. the funny thing is, the plp and its followers are stupid…too stupid to see that the rest of us…and the world at large can see their behaviour, clearly.

    • jt says:

      I’m fine with more expats. The benefits to having them here haven’t changed. Burt knows it but wouldn’t dare say it.

      • Retro says:

        All very true but I don’t know why you would need a presence on the island to launch an ico. There aren’t nineteen Mou’s promising to bring jobs and donate money to a fund.People should read between the lines a bit better.

        • jt says:

          Completely agree. But the spin will be different and accepted. In addition to what you’re alluding to wait for some of the donated funds to allow for more civil service jobs to ‘support’ all this.

  10. Oh Jay says:

    “i fact u forgot the oba turned gdp around the first time since 2009 ”

    They didn’t forget. They simply refuse to acknowledge that the OBA had the islands best interests at heart.

  11. Retro says:

    Why congratulate yourselves with introducing the Premiers question period if your cabinet and back bench are going to behave in such a juvenile manner.whoever made the no ball comment ,and I’m pretty sure I know who it is, when Patricia Gordon Pamplin got the building name wrong should be ashamed of the level of debate and decorum that they bring to the table.I am no fool ,he won’t be ashamed ,probably even congratulated, but I really wish Bermudians ,of all persuasions ,would wise up a bit and ask a bit more of politicians . We have become a nation that indulges their toxic hobby while our standard of living diminishes year by year.

  12. Stevie says:

    These 19 companies will “be offshore”.
    No offices here. Just the Bermuda based company to make it legal. No jobs for Bermudians. More crap from Burt.

    • Retro says:

      Well said

    • Going downtown says:

      They will need accountants and office administrators and customer service reps! Get behind it!

      • Family Man says:

        It’s a digital company, dealing in digital assets. They need a computer and online access.

        What sort of business plan would anticipate them setting up back office operations in the highest cost jurisdiction in the world?

      • Answer says:

        Like you got behind the AC? Yeah right.

      • Ringmaster says:

        Those jobs can be anywhere in the world, and likely in low cost jurisdictions. Bermuda might see a few high paid execs flying in and out but not likely full time here.

        • Going downtown says:

          And what’s wrong with that? High paid executives spend money on our Island dumb a$$! You people forget that we are in the situation we are in because high paid Execs left Bermuda and now our houses that we worked hard to get are vacant!

          • Antlee says:

            While I agree it is good to have the rich pump cash into our island, you do realise that the kind of thinking you’ve expressed works againdt the avg Bermudian right….? The avg Bermudian doesn’t owna a home but instead is trying to rent a home at a reasonable price. The unfortunate catch-22 is that when too many homeowners go chasing after the big bucks of foreigners it leaves their neighbours (aka avg Bermudians) struggling for basic accommodations.

            • Dumbo says:

              Blame greedy Airbnb owners on lack of rentals to Bermudians! Follow the money dumb a$$!

            • Dumbo says:

              The average Bermudian does not own a home because there is no demand for rentals to high worth expats to offset the mortgage payments to the Banks! Can’t pay back loans if there is no demand for what you have. And along case Airbnb and now the available capacity is gone!

          • Double S says:

            Prior to 2017 election you lot hated expats, especially rick executives.

            Now that the PLP is continuing on with the ‘big bad OBA’ policy of making the island more attractive to such people you lot now all of a sudden understand how our economy works.

            Amazing what an election can to do a sheep’s POV.

  13. Infidelguy says:

    Let us not be fooled by the poltricks of the PLP government. So called “FinTech” (short for financial technology) companies have been incorporating in Bermuda for decades. It’s only here of late that the term has become part of the common vernacular.

    “The term financial technology can apply to any innovation in how people transact business, from the invention of digital money to double-entry bookkeeping.”

    Read more: Fintech Definition | Investopedia https://www.investopedia.com/terms/f/fintech.asp#ixzz5LKT88C3o

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