Audio: Premier David Burt On FinTech MOUs

March 11, 2019 | 7 Comments

Premier David Burt provided an update on the conversations and developments with four fintech firms the Government signed MOUs with last year; Binance, Omega One, Shyft Network and Medici Ventures.

The Premier was speaking during the Premier’s Question Period in the House of Assembly on Friday [March 8], with Premier Burt answering questions from MP Michael Dunkley on the topic.

Copies of the MOUs tabled in the House in July 2018:

The 6-minute audio extract on the discussion of the MOUs is below:

Michael Dunkley said that last year the Premier made a number of announcements regarding MOUs that the Government had in connection with fintech and asked the Premier to “update on their deliverables committed in these MOUs signed last year by Binance, Medici Venture, and Shyft.”

Premier Burt replied, “It is well known as part of the public record that Binance came to Bermuda with the intention of setting up their global compliance operations, but one of the things they could not get was banking services, so they went to jurisdictions that can provide the banking services.

“Since this Government has been able to deliver on banking services, now we have since been in contact with the principles of Binance and they have reengaged with their legal counsel here and are moving forward with the application process throughout the Bermuda Monetary Authority.

“On the issue of Medici Ventures, our conversations are ongoing with Medici Ventures in regarding what operations they will be looking to set up here in Bermuda. Specifically I had conversations with Dr. Patrick Byrne, who is the CEO, of course he’s well known to Bermuda as his brother used to be the chairman of the Board of Education Bermuda, and those conversations are advancing.

“There was a conference call with the persons of Shyft, I think two days ago or yesterday, regarding their involvement. As members will be aware, Shyft signed a joint venture agreement with the local company Trunomi, to work the pilot Bermuda’s EID system. I think you would have seen those types of things in the press. That matter is moving forward, they’re looking to resolve, they’re looking to move those items forward.

“The Cabinet has approved an item to move forward on that particular issue and we’re awaiting just some final confirmations before those things can be advanced.

“There is a fourth MOU that was also signed, that was with the company Omega One, which is a digital asset exchange. Omega One has applied to the Bermuda Monetary Authority for a digital asset business license, and has received approval for a digital asset business license, and are scheduled to be on island to pick up their digital asset business license next week, and to hold a press conference with the Government. So this is excellent news, as things are being progressed.”

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Comments (7)

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  1. Ringmaster says:

    At best it sounds like more work permits to be issued. Where are the promised jobs for Bermudians, apart from in the Government sector?

    • Tyomb says:

      “At best it sounds like” we dont need your assumptions. If you actually read the legislation put in place for these ppl to set up shop here on the island you would know that there cannot be a high issuance of work permits to these companies. Again where was all this enthusiasm for jobs when your oba promised 2000 of them and didn’t deliver not one…

  2. Ringmaster says:

    I stand corrected. I didn’t know Bermuda had so many unemployed FinTech experts waiting for these companies to set up. Legislation against work permits? Wrong, they are being issued quietly so as not to upset people like you. As to the OBA, I guess Morgan’s Point, St Regis and the airport are being built by robots. To say nothing of the knock on effect of the America’s Cup. You clearly do not understand the job market.

  3. America’s Cup? says:

    AC was 2 years ago so stop taking crap about knock on effects of AC! That ship has been sailed and we are all still waiting to see where the $300 million + knock on business is? All a Disney world story spun by OBA!

    • Come Correct says:

      No you arent, you’re lying or you would read the report that was commissioned.

  4. gustav says:

    Company No of Jobs within years
    Medici 30 3
    Binance 40 n/a
    Shyft 30 3
    Omega 20 3
    first of all , all MOU are from 2018 , so still some time to go …
    secondly , their intention is to create X jobs , nobody said that those have to be Bermudians
    I am quite sure that many work permits are already issued and that’s it .
    so , we don’t have to worry about the nasty IB anymore , now we have Fintech …….

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