Govt ‘Reviewing Resources’ For Fintech Hub

February 12, 2019 | 14 Comments

The ‘Project 44′ FinTech hub –  slated for the third floor of the IAS Building on Church Street in Hamilton –  has been put “on hold” the Government has confirmed.

“The Government wants to ensure that it is not only being fiscally prudent, but effective and efficient with the appropriate use of its resources,” a spokesperson said.

“With that in mind, we are closely reviewing our resources to ensure that we are not duplicating any services which may already be provided for in the private sector.”

The RFP issued last year had stated that the “proposed start date is October 29, 2018, with a projected 3-4 month construction phase.”

The PLP has previously stated their plans for a technology hub; their 2017 election platform mentioned developing a Technology Hub at Southside, the 2017 Throne Speech said that Government would issue a Request for Information to establish a Technology Hub at Southside, the Ministry put out that RFI and then extended the deadline to November 15th, 2017.

In September 2018, the Government then issued an RFP for “Architectural Interior Design and Project Management Services” for the third floor of the IAS Building in Hamilton, which they said they planned to turn into cooperative working space

At the Blockchain Town Hall held in May of last year, Minister of National Security Wayne Caines  said the Government recently purchased a building in Hamilton, and the top floor would be put “aside for a co-working space.”

Speaking in May, Minister Caines said, “We want to set up an incubator where people can come to Bermuda with all of their ideas.

“Where they can come with all of their dreams, their aspirations, and we’re going to set up incubators, and there are companies in Bermuda that have been reaching out with their buildings, and they’re going to partner, and with their laboratories where people are going to be able to come and set up companies in Bermuda.

“The reason why the incubator is so crucial, because you can have 30 different companies in one room. Remember the old Silicon Valley? So if you have a room and you’re saying okay this works, or this doesn’t work, and you have 30 companies in a room, we believe there’s a synergy. And suppose with one or two of those companies become the next Amazon or the next Google. Well, we’re hoping they will stay in Bermuda.”

Extract from the Town Hall held on May 2017 where the Minister discussed the property:

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Comments (14)

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  1. vote no more says:

    Put it at the bus depot, aink no buses going through there.
    Well done voters.

  2. OBA can be ridiculously thanked, along with Fairylands, Tuckers Town, and the like, for putting this forth. Oh… ..fiddling group.. anything to
    “ATTEMPT” to bring about P.L.P. failure. Pure racist and divisive attacks and tactics on BORN BERMUDIANS by “other Bermudians”.
    REALITY CHECK for sure!!!

    • Toodle-oo says:

      Does ‘No , no , no ‘ sound familiar Betty ? People who live in glass houses and all the rest .

    • Gerry says:

      @straightforward this is the PLPs pup right from the get go, they have been championing this pre-election. This is nothing to do with the OBA.

      PLP are now saying that they need to do due diligence, surely this should have been done way before now.

      Fail to plan, plan to fail.

    • Question says:

      What about when Caines said this would bring about ‘the next Amazon or Google’. We laughed and laughed. If I’d been drinking coffee it would have squirted out of my nose, it was that funny.

    • Double S says:

      PLP should change their motto from sta do g strong to it wasn’t me. It never is.

  3. Donderered says:

    Guys, you have been proposing this hub since before the election. You really cannot now say this is on hold to see if you are duplicating services. You have has 18 months to find that out. Smh

  4. Red rose says:

    Funny how no minister is able to give a comment – no premier, not caines and not dickinson. Funny that.

  5. Question says:

    So now Dickinson has to come up with another way to get Clarico a lucrative govt contract. This was such a stupid idea even the PLP thought it’s a waste of money.

  6. J Austen says:

    So he wants to drink his milk in an incubator, that’s what this was about all along.

  7. Merrick says:

    I’m actually beginning to think these guys haven’t a clue how the big world works. This whole thing is beyond naive to think he point of utterly ignorant. And in the meantime, our best young brains who could actually make things happen just keep packing up for real hubs. Pathetic and more wasted money.

  8. Joe Bloggs says:

    But where are the 70+ people who already have fintech jobs going to sit?

  9. Rocky5 says:

    The PLP GOVT is just clueless when it comes to anything to do with business and management. Trash collections, buses, hedge cutting, road paving, Child & Family Services, paying HOA protestors, Cryptocurrencies and they want to take over City of Hamilton & St Georges so they can ruin them and send Bermudians further down the toilet!

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