Scott: Where Are Fintech Jobs & Opportunities?

October 11, 2018 | 77 Comments

The America’s Cup ”brought employment opportunities and significant economic benefits to Bermuda,” OBA Deputy Leader Leah Scott today, before asking “where are the jobs and economic opportunities” from Fintech.

She went on to suggest that “Bermuda should request that the Government produce a preliminary economic assessment of the impact Fintech investment has had on our economy and the number of Bermudians who have been employed in the industry to date.”

Leah Scott TC Bermuda October 11 2018 2

Ms Scott – who is also the Shadow Minister of Tourism, Transport & Regulatory Affairs — said, “First of all, I want to congratulate PWC for continuing to provide a further three-year sponsorship for the Endeavour Community Sailing Programme.

“The Endeavour Programme, established in 2015 prior to the 35th America’s Cup, is part of the ongoing legacy contributed to Bermuda by AC35 and PWC has sponsored the programme since it was established.

“In addition to teaching our young people from a wide array of socio-economic backgrounds how to sail, the programme also allows our youth to experience Science, Technology, Engineering, Arts and Maths [STEAM] education.

“There are three main components to the Endeavour Programme: It is an educational initiative designed to teach students all across Bermuda more about sailing through a cross-curricular STEAM Education Programme; the programme is aimed at providing a positive boating experience for youth in Bermuda aged between nine and 12 years old and ill provide College Sailing internships with Oracle Team USA.

“In June 2017, a Boston based non-profit group called Science from Scientists [SFS] partnered with the Endeavour Programme to help spread awareness and promote the importance of STEAM education.

“SFS is dedicated to empowering youth to remain competitive in emerging STEAM fields, To date, more than 2,200 students aged nine to 12 years old, have been taught skills such as leadership, teamwork, and confidence-building through sailing.

“During the debate of the Opposition’s 2017/18 Reply to the Budget, Premier David Burt told the House that while the America’s Cup was ‘a good thing’ that would provide ‘some benefit’, he added ‘Where we take issue with the event is the One Bermuda Alliance’s consistent refusal to acknowledge the event for what it has been and what it is: an event that appeals to a narrow segment of society. The numbers, in terms of both the ratings and the ages of those who follow the sport, demonstrate that this is an event for what was Bermuda, not for what is Bermuda, and certainly not for what we hope to become.’

“I must differ with the Premier. The Endeavour Programme has created an extremely positive impact on our community. Our children are becoming avid sailors, inspired by AC35. The Endeavour Programme has enabled thousands of our Bermudian students to be able to sail due to there being no barriers to access. It provides equal opportunity to all of our children.

“AC35 came to Bermuda with the intention of leaving a sporting legacy and they did exactly that – creating an educational and sailing programme that is wholly dedicated to leaving that legacy together with providing a strong, positive impact on our community.

“It is unfortunate that very little positive acknowledgment has ever been given by the PLP to the OBA government for winning the right to host AC35 and its residual benefits. AC35 was an event that brought employment opportunities and significant economic benefits to Bermuda, and continues to contribute socially and economically to Bermuda through programmes like Endeavour.

“The PWC economic report clearly shows that AC35’s economic impact, as measured by contribution to GDP, amounted to $336 million, including more than $90 million of ongoing legacy tourism.

“Last April the Premier revealed that a memorandum of understanding [MOU] had been signed with Binance. Pursuant to the terms of this MOU, the Binance Charity Foundation is supposed to provide $10 million toward educational programmes related to the fintech.

“An additional $5 million is supposed to be invested in blockchain startups. Binance declared it would create at least 40 jobs in Bermuda with at least 30 jobs for Bermudians by developing its global compliance base in Bermuda.

“In May the Government entered into a MOU with Medici Ventures, by which Medici Ventures will, among other things, create at least 30 jobs in Bermuda over a three year period, make Bermuda the hub for the most leading edge blockchain innovations; and develop a proper pipeline that will create basic, intermediate, and advanced software development engineers.

“The Premier was quoted as saying: ‘This Government 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.’

“When will Bermudians enjoy the benefit of these arrangements that this Government has made? Where are the jobs and economic opportunities? When will the Fintech legacy that Bermudians should be enjoying and benefitting from begin?

“Bermuda’s hosting of the AC35 exceeded the original projections, and represented a return of more than five times what the OBA Government actually invested. That is five times more than the country has enjoyed from Fintech.

“In fact, Bermuda should request that the Government produce a preliminary economic assessment of the impact Fintech investment has had on our economy and the number of Bermudians who have been employed in the industry to date.”

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  1. sandgrownan says:

    Of all the stupid things Bitcoin Dave says, this is right up with the best.

    ‘The numbers, in terms of both the ratings and the ages of those who follow the sport, demonstrate that this is an event for what was Bermuda, not for what is Bermuda, and certainly not for what we hope to become.’

    I can’t tell if he really believes this, or is being deliberately disingenuous to appeal to the base.

    • redrose says:

      Like fintech is an industry for everyone! Got to laugh at burt and his billionaires!

      • Does 2000 jobs ring a bell?
        Recycled who are being used by the undeserved privileged.
        A disgrace to the Forefathers who sacrificed and paid the price against those who abused their power and now you’re being used as puppets by the benifectors.
        PATHETIC!!!!!!!!!!!!!!!!!!!!!!

        • Red rose says:

          Sure. How about all the job promises under all those MOUs as well?

        • Anbu says:

          How many jobs has the plp created oj? How many? For the “average” bermudian oj. And tell the dam truth

        • question says:

          How about the undeserved privilege of harassing girls in a shop and then putting it on the internet?

    • LocaliCartel says:

      According to Bitcoin Dave, in terms of both the ratings and ages of those who visit Bermuda, we should close up shop for tourism entirely!

  2. WSP says:

    Leah,
    Can you also ask where is the chucken farm.

  3. justasuggestion says:

    Ms Scott, thanks, for yet again pointing out the ongoing success of AC35 and the benefits ALL young Bermudians are privy too.

    But…

    I thought the AC35 was a flop, “a rich boys boat race”, a waste of money.
    Well if you believe the last sentence above. Get your job application in to Bitcoin Burt. You start next week.

  4. Gustav says:

    patience please !
    jobs will come , but not that fast .
    all MOU are saying within the next 3 years .
    so , just wait and hope the best .

    • question says:

      Patience? Why? We already had momentum from the AC. But did they acknowledge that and try to build on it? No. The PLP have driven the economy into a ditch (again) and we’re now entering (yet another) home-made PLP recession. Burt has forgotten the election promise to balance the budget in 2019. They are taxing everything in sight, have no hope of balancing the budget, and have not created a single job.

    • redrose says:

      and in the meantime what happens? the economy falls off the cliff, more people leave the island, taxes continue to go up, health costs up …

      do we really have to wait THREE years?

  5. ConcernedBermudian says:

    Umm why are you bringing up Endeavour as such a success? There was a local sailing program already established before Endeavour, they just rebranded it and took all the credit like AC created it. Secondly how many Bermudians does Endeavour hire? They are mostly foreigners on work permits. Look into it before you spew out all these comments Ms. Scott.

    • redrose says:

      Is that the best you can do? LOL!

    • LOL says:

      Umm why are you clutching at straws? The AC was good for Bermuda and out children are still benefiting. Fintech????? No so good so far. Do they have a program similar to Endeavour that we don’t know about?

    • Yeah yea says:

      Hey bro let them keep lying to themselves cause they not fooling us. Don’t care how many ‘certain’ faces the OBAUBP put up there they all are saying the same lie. Ms leah Scott where are those 2000 jobs you all promised. The PLP never QUANTIFIED the number of jobs fintech will bring like you idiot’s did in 2012. But guess what since the fintech initiative 70 jobs so far have been created and it’s not even hit the ground running yet!! And all the jobs that were available during the Americas Cup are you serious? So your weighing a month of work on 4 years of NOTHING? And what about now, those jobs weren’t permanent so where are those ppl now? 300 million went to the good old boys club not the ppl of Bermuda. The fact of the matter is the occupancy for hotels at that time of the Americas Cup was only at 77 Percent!!! You do realize ppl were laid off because of that but you wouldn’t know cause you don’t care. You the oba just love putting on a pony show. Scott it’s the youth of Bermuda who played a big big role in getting the obaubp out and they ain’t caught on yet.

      • red rose says:

        Never quantified? Go back and look at how many jobs were promised by Binance, Arbitrade etc … there were plenty of promises and nothing has happened.
        What 70 jobs, where and who for. anyone could say that …

      • question says:

        “….since the fintech initiative 70 jobs so far have been created and it’s not even hit the ground running yet!! ”

        No, not one single job has been created.

        Do you lot really believe the crap you run around saying?

      • Anbu says:

        Why you still on abt 2000 jobs? Isnt plp gov now? How many jobs have they created for the people they “supposedly” love and support. Burts making money u can bet your boots tho! Its cool to the plps support base tho. We all know why

    • sandgrownan says:

      I actually have in depth knowledge of all of this, and your comments demonstrably untrue.

  6. Clown Shoes says:

    Where is Arbitrade Company and the “gangster chicken farm” ? Where is purchase and build out for Victoria Hall claimed by Arbitrade Company? Where are all the donations and educational programs promised by these fintech companies? Empty promises at this point.

    • Stand For Truth says:

      Clown Shoes the real gangsters are those who own corporations and commit economic violence/oppression. In case you don’t know violence is not only physical it is also economic.

      But no one wants to talk about that because a certain group of people have to appear as if they are angelic beings when history has proven they are the most barbaric and violent people on the earth

      • Anbu says:

        And as usual when you have nothing of substance you resort to “blame the white man”. Give it a rest. Its old and tired.

  7. Stevie says:

    Bitcoin… jobs for Bermudians? Ahh no. Get your head away from Alaska Hall folks. Its 1998-2012 again. Crisis.A big earthquake.

  8. watching says:

    this is ridiculous.

    • question says:

      What is ridiculous? The chicken farm or the idea of importing a trillion dollars worth of gold to keep in Victoria Hall?

  9. From a Prestigious says:

    international sporting event during which Bermuda shone brightly on the world’s stage to drinking TITTY MILK.

    Need any more really be said???

    What a plummeting fall from grace.

    Well done you lot!

  10. puzzled says:

    1609 part Deux.

    By by.

  11. stormy daniels says:

    There on the BUS, ALMOST OBSOLETE, but need to make a few stops first.
    1st stop cereal bar. Embarrasment to Bermuda
    2nd stop Casino We will never see this
    3rd stop pickup some trash. As our streets look horrible with single day pick ups.

    Well done voters
    Ignore speelliinngg errs for the speilling paliease

  12. Jus' Askin' says:

    THIS IS FUNNY!!! :-D

    OBA wants to get rid of the ‘UBP Members’/'de ol’ guard’ but are riding on the ‘UBP Members’ success LOL ;-) ;-)

    Grant Gibbons stuck the landing to secure AC35

    Blockchain is Coming!!!!!

    PLEASE EDUCATE YOURSELF ABOUT IT & DO NOT LET THE UNEDUCATED SCARE YOU!!! :-)

    • question says:

      What is funny is how the PLP is the ex-UBP party. Not quite so funny is how you find it so impossible to create one single job.

    • sandgrownan says:

      Missing. the. point.

    • aceboy says:

      How will blockchain earn us revenue exactly? Please enlighten us.

      • Jus' Askin' says:

        “…PLEASE EDUCATE YOURSELF ABOUT IT…”

        I am not here to enlighten anyone ;-) ;-)

        • Anbu says:

          In other words you have zero bleddy clue! Keep talking like you do tho. It is very entertaining.

        • aceboy says:

          I spent a great deal of time educating myself and am a professional in international business. I say that blockchain won’t earn us a cent of revenue. You now need to educate me on how you think block chain will earn us revenue.

          Thing is, we both know you are simply parroting Davey Bitcoin’s sound bytes and have no clue about blockchain, cryptocurrency or anything at all about Fintech.

          • Jus' Askin' says:

            :-(

            Red or Blue?

            Blockchain is coming whether You Like it or Not
            and WILL help businesses generate monies

            Professional You say ;-) ;-)

            People make money from Facebook, Twitter, Snapchat, Instagram, Youtube….etc etc but YOU doubt Blockchain LOL

            Crytocurrency is Awesome!!!

            Fintech is NOT the boogey man

            People should be concerned as it will shift wealth :-D

            • aceboy says:

              You list a few social media outlets as great examples of blockchain? Lol

              Help business generate monies? Why monies? Why not just money? Or does monies sound like more than just money? Lol

              You don’t even understand what blockchain actually is and you keep proving it.

    • Secured AC35 for Friends and Family.
      And……………….

    • red rose says:

      when blockchain arrives we will see job losses …

      • Jus' Askin' says:

        I will agree there will be job losses in the future

        We are seeing job losses now, so……

        I will also state We can prepare our Future (the children of Bermuda) for the Future (Blockchain) now and secure them jobs here and around the world. :-D

  13. Rocky5 says:

    Unfortunately, with 25 – 11 majority, Premier Burt won’t even bother to respond to the OBA. But he will start feeling the HEAT once he introduces the 2019-20 PLP spending spree Budget with $200 MILLION in NEW Taxes with shrinking GDP!!

  14. Rocky5 says:

    MOU’s meaning nothing! they are just memos. There’s no commitment from either side. Binance has since set up in Malta. What has happened to the Shyft Network MOU?

  15. Good says:

    That’s great as they were a fly by night company like Arbitrade! Bermuda does not need or want all the trash coming in!

  16. Me says:

    Burtcoin and his pal tiddy milk have all been promised bitcoins to sellout bermuda and its financial reputation

  17. MB says:

    Tell that to the thousands of kids and their parents who have benefitted and the talent that has come up now competing on intl circuit that would never have had this opportunity but for Endeavour

    • Point says:

      Yeah right! That small handful of people you mean? Celebrating mediocre outcomes is your thing so be it!

    • Point says:

      Thousands of kids? Where? Not here in Bermuda! Stop making sh** up!

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