Smith Appointed To Govt FinTech Business Unit

October 9, 2018 | 23 Comments

wayne smithWayne Smith has been seconded from the Bermuda Post Office for a period of 12 months to head the Ministry’s Fintech Business Unit, where he will “manage and oversee the Ministry’s rapidly expanding fintech initiatives.”

“The public should be aware that local and global interest in the Government’s Fintech Strategy has grown considerably in the last year. In fact, since September 2017, more than 30 fintech associated companies have incorporated in Bermuda,” the Ministry said. “As a result of this ever evolving sector, Mr. Smith will head the Ministry’s Fintech Business Unit.”

Minister of National Security Wayne Caines said, “Our Government promised to create an environment where Bermudian businesses and those who domicile their businesses in Bermuda can thrive.

“We undertook to create new economic pillars in Bermuda, identify new areas for economic diversification, and seek local and overseas investment to develop a new local industry to create jobs in Bermuda.

“Fintech is transforming the way we do business. It’s sparked the creation of innovative new technologies that deliver transactional services in ways never before imagined. From blockchain, to virtual currencies and beyond, the world of finance is undergoing a major revolution.

“Our Government understands the power and potential of this technology. And in the last year, we have become a pioneering leader in this space.

“Bermuda is committed to building upon its position as an innovative international business center. Given the continuous and rapid nature of this innovative technology, the Government is committed to ensuring that we dedicate the appropriate resources to support and nurture the growth of fintech in Bermuda.

“Having a dedicated section such as the Fintech Business Unit to oversee this evolving sector ensures that Bermuda continues is pioneering and innovative leadership in this area.”

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Comments (23)

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  1. red rose says:

    “The public should be aware that local and global interest in the Government’s Fintech Strategy has grown considerably in the last year. In fact, since September 2017, more than 30 fintech associated companies have incorporated in Bermuda,” the Ministry said

    Great! But I can only assume that in the absence of job numbers (and I am sure they would have been trumpeted had they been significant) that there are none.

  2. aceboy says:

    How much is Fintexh going to COST us? Government is charging ahead and spending a pile of money, while ignoring the need for revenue. I suspect they have been told “You need to invest in Fintech and show the world how serious you are”. Then after millions are blown the whole thing will fizzle. A few friends and family…ala this guy…will benefit, lawyers have and will benefit. The rest of us will foot the bill.

  3. Joe Bloggs says:

    What are you talking about? The Premier announced months ago that 70 jobs were created by one fintech company alone!

    • No the Premier didn’t. says:

      Arbitrade was shouting from the rooftops.

      Did they close on Victoria Hall and get approvals from the B’MA?

      • Ringmaster says:

        I see more chickens running around so maybe the Arbitrade farm program is already underway.

      • Question says:

        Have you forgotten? Victoria Hall is where they’re keeping the gold bullion.

    • Onion says:

      No, he didn’t. Stop spreading misinformation.

  4. chart says:

    LOL because he was so wildly effective at running the post office. I mean the post office epitomizes cutting edge tech and speed to adopt new working modes, right? Such a success in gov reform, right?

    • Say Whaat? says:

      Gotta agree here. You took someone from the post office to head Fintech Business Unit? But the post office still takes weeks to send mail in this small island. No real technology prowess but put this guy at the helm of something that is moving faster than regulations?

      Say what?!?

  5. OnionStink says:

    So a Government that couldn’t build a bus stop properly is going to lead the way in technology? Pull the other one OJ.

  6. The Mind Boggles says:

    Too much Titty Milk being consumed up dare!

    Good luck Sir. I fear you are going to need it!

    Blessings abound!

  7. Lmao says:

    This is too funny! What degree does ya boy have? Friends and family again! WHERES THE JOBS!?

  8. And we are still paying five hundred thousand a day on interst for the money his party caused us. Really Burt do something to get the debt down. Are you capable of that? Or just ignoring the debt?

  9. Me says:

    I guess this guy did a stellar job running our failed post offices into the ground to get this job with no qualifications

  10. Best wishes says:

    Congrats. He will do well.

  11. Let's Keep It Real says:

    Old Regiment buddies looking out for each other. Yet they complained about the America’s Cup and the new project at the airport for which now they will try to take the credit for.

  12. Hmmm says:

    Hmmmm.. do we remember that the Post Office’s on-line payment system has been down for over a year.. and this guy is going to manage technology???

  13. Realist says:

    Now this is nepotism at its finest! Wayne Smith poorly performed at the post office so they are just shuffling him around to higher paying positions. You note there’s no mention of what qualifications he brings specific to fintech. Cronyism, nepotism and our come to expect friend and family promotions from the PLP government. Seems those with the least credible track records keep getting promoted!

  14. hmmm says:

    GOVT: We are looking for someone to Head up our Fintech business division. Fintech uses complex computer programs and other technology to support or enable banking and financial services. What are your skills that you believe will make you successful in this department.

    Smith: I lick stamps and put them on letters. I then put that letter in the box written on the letter.

    GOVT: OMG shut up, You’re HIRED!

  15. Gustav says:

    What are the required qualifications?
    Or is it just
    You have to Be a Grass Root bermudian and have Voten for the right party?

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