OBA: How Many Jobs Will Fintech Firms Create?

August 20, 2018

[Updated] The Premier “must give details of how many jobs fintech firms that have been incorporated in Bermuda will create” Opposition Leader and Shadow Finance Minister Jeanne Atherden said today.

“A report in the New York Times revealed that iCash, a new cryptocurrency, would “have an office and a head of operations in Bermuda, which the Island requires of all companies” but would continue to be based in Florida.

“Does this mean that just one person and one small office will be utilized by this firm? Is this going to be the same for all the fintech companies that have incorporated here? The Premier said in response to my Parliamentary questions that 21 fintech companies have incorporated here, does that mean just 21 jobs?

Fintech Companies Incorporated In Bermuda July 28 2018

“When I specifically asked in the House about how many work permits the companies would require and how many jobs would be created — in total and for Bermudians – I got no answer and was interrupted by the Speaker who told me the questions were hypothetical,” Ms Atherden continued.

“Yet in a statement last May the Premier said that ‘this Government promised to create an environment in which Bermudian businesses can thrive, opportunities for Bermudians can be created and in which capable, qualified Bermudians can earn opportunities to work, train and succeed at every level’.

“In the same statement he said Binance would create 40 jobs in Bermuda and that Medici Ventures, LLC would create at least 30 jobs in Bermuda over three years. We were told that Arbitrade would also create jobs.

“The Home Affairs Minister Walton Brown told the House in May that “the Fintech Business Work Permit Policy, which almost mirrors Immigration’s New Business Work Permit policy, allows a fintech company that is new to Bermuda to receive immediate approval of five work permits within the first six months of obtaining the first Fintech Business Work Permit’. Have any work permits been given or even applied for?

“The OBA supports policies that create jobs for Bermudians and brings investment into our economy, but it is our duty as an Opposition party to raise these questions on behalf of all Bermudians. We are making key investments with their tax dollars on the line, all while trying to protect our existing business and jobs because of external threats. What is this government’s clear priority?

“We understand that legislation has been passed and more is forthcoming which will encourage fintech firms, but nonetheless there are still too many questions hanging over the Premier’s flagship policy.

“I want to add that I was very disturbed that the Speaker of the House answered for the Premier. It is not for the Speaker to answer Parliamentary questions, it is for the Premier or relevant Minister.”

Update 7.31pm: Premier and Minister of Finance David Burt said, “The facts are that government revenues are up and the total number of people contributing to Social Insurance as at June 2018 was 33,909. This is 322 more than were contributing in June 2017. Out of the increase of new 322 jobs, 83% of those jobs were held by Bermudians, and only 17% of those jobs were held by non-Bermudians.

“As FinTech companies incorporate in Bermuda, we will see opportunities for Bermudians to participate, develop and train in this new industry. No new industry grows overnight but we are witnessing the formation of companies, the hiring of Bermudians, the creation of jobs in Bermuda and a concurrent increase in government revenues. The legislation this Government has passed is the foundation that is creating the environment for job creation and ensuring that more and more Bermudians enjoy the success of that growth.

“We expect that dated, vested interests will continue to do all they can to create doubt; but we continue to work hard every day fulfilling our promise to the people of Bermuda to diversify this economy and make sure that the success of these new industries is shared by them and not just a privileged few.”

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Comments (60)

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  1. facts of the rock says:

    you guys just don’t get it do you? !!

    you lot are NOT going to get anything!

    • redrose says:

      It is the Opposition’s job to ask questions – and these are all pertinent questions to ask. A lot of effort is going into this and so far nothing has happened.

      • hmmm says:

        oba/UBP Opposition Leader and Shadow Finance Minister Jeanne Atherden wouldn’t you prefer to go back sleep again HAHAHAhhha

        • At least they didnt promise 2000 jobs.

          • Question says:

            The PLP didn’t promise any jobs at all, and won’t create any.
            The idiots will be fine with that, of course.

          • Onion Breath says:

            The plp only promised to remove some rights from some Bermudians….they’ve failed at this twice.

            They are obviously a failure and their followers are obviously hypocrites who don’t care about their fellow citizens, or anyone but themselves.

    • Athena says:

      Here are some facts of the rock.

      There have been a lot of photo ops.
      Signing of MOU’s that read like fairytales.
      Pie in the sky sound bytes about jobs that are a smoke and mirrors
      operation to appear like action.
      Last but not least the fiasco.

      An Opposition is in place to ask questions and they need to keep the pressure on to ensure that we do not have a repeat of the last PLP term of government which was to our detriment.

      • Toodle-oo says:

        *An Opposition is in place to ask questions and they need to keep the pressure on to ensure that we do not have a repeat of the last PLP term of government which was to our detriment.*

        The first time the PLP were in they had a far slimmer majority than they currently enjoy and as far as they were concerned the opposition was irrelevant and they didn’t answer questions.
        So don’t expect any improvement this time around .

  2. watching says:

    How many jobs did the OBA create during their 5 years?
    What would be Atherden’s plan to create jobs?

    • archie says:

      The OBA had new hotels being built, the airport and the AC – all of which created jobs and helped the economy. The fintech stuff seems to be just a dream at the moment.

      • What says:

        New hotels? Morgan’s Point is a dead stick and East End is years away! OBA irrelevance as usual!

        The AC was an opportunity for the 40 Thieves just follow the money.

        • Ringmaster says:

          So explain how the PLP will generate jobs apart from hiring in the civil service. Faithbased Tourism; Black Mayors Conference? What else? Nothing. Fintech? Read the news, Bermuda is well behind the world and Fintech is dying anyway.

  3. Jim Bob says:

    Jeanne, you’re awake! Nice to see you’re switched on as the last time I saw you you were sleeping along with a few other OBA and PLP MP’s.

  4. Jobs says:

    And what if 100 fintechs create 200 new admin level jobs that most Bermudians can do – what’s wrong with that Jeanne? A what’s wrings with 100 Executive levels paying into our tax system too!

    Be quiet OBA! You and Dunkley are full of $&^t!

    • Double S says:

      So PLPers are all of a sudden promoters of trickle down economics and recognising the benefits of having rich executives on our shores?

      Raving hypocrites…

    • righttoaskquestions says:

      The OBA is right to ask questions – why aren’t you asking them!?

    • question says:

      There aren’t going to be 200 new jobs.
      I’d be shocked if it amounts to 10.

      • What says:

        And you are the expert? Glad you are not in politics!

        • Remzroller says:

          I am an expert in fintech, cryptocurrency and blockchain technology. There is no way in high hell that we’ll see more than 20 jobs in this industry locally. Nothing more than secretarial positions

          • What says:

            You are a self proclaimed expert? Provide your name and credentials or shut up!

            • Remzroller says:

              Why would I provide identifying credentials to someone named “What”. Just know that I have an actual background in Blockchain based technology and work in that sector.

              • What says:

                Right… and I am a Blockchain expert who worked in Singapore on Blockchain systems since 2007 so there! That’s why I asked you to dump your brain pan!

                I disagree with your claim based on my real world experience!

                • question says:

                  Blockchain wasn’t even invented until 2008, so it’s hard to see how you could have been ‘working on Blockchain systems since 2007′.

                  Another frikkin moron.

          • What says:

            And what’s wrong with secretary positions and accounts positions? We need jobs that some Bermudians can do as well as tax from Executives! Get the picture dumb a$$?

            • Double S says:

              Lie I said below now you PLPers are all about trickle down economics. Hypocrites each and every one of you.

  5. stormy daniels says:

    Only a tax free place to register there company.

  6. Oh, please.
    After ALL of the OBA NONSENSE.
    Ridiculous statement and a waste of paper.

    • jt says:

      Specifically, which questions or statements are ridiculous?

  7. Time Shall Tell says:

    Oh go back to sleep, you should have been asking these questions of your own party when they were in power. Even if it creates just 20 – 50 jobs, as long as it goes a long way to help pay off our debts then it’s a good thing for the island as a whole.

    • Double S says:

      How come you didn’t have that mindset with the various large projects and AC were all vehemently opposed and questioned by your beloved PLP? And know if didn’t buy your post the other day where you claimed do be an independent.

      • Double S says:

        *and no I didn’t buy your post….

        • Time Shall Tell says:

          Ahh actually I did but it turned out the AC didn’t do what it claimed it would so…

          • Question says:

            It returned $335m according to the report the PLP tried to bury.

            • What says:

              That PWC Report was a matter of complete fiction! It predicted income years into the future and left our key expenses that the OBA wanted swept under the carpet! A complete Disney World accounting job! If it made that much then where is the money? Oh right I know it went into ‘certain’ pockets!

              • Double S says:

                Yeah I am sure you are well versed and overly qualified to pass such a judgement.

              • Time Shall Tell says:

                What “what” said…

              • Question says:

                S*** for brains

                • Time Shall Tell says:

                  Don’t be so hard on yourself… I am sure your brains aren’t 100% S***.

  8. Double S says:

    Come on Jean you know full well PLP supporters don’t care about jobs or debt since July 2017. They will never hold the PLP to the same standards as other political parties. They never have and never will.

    • Time Shall Tell says:

      Go join her in her next siesta. Obviously, you’re already blissfully in your own dream world.

      • aceboy says:

        Funny. There were 5 pictures I saw of MPs fast asleep. 4 were PLP Ministers. Very selective memories.

        • Time Shall Tell says:

          The other four aren’t mentioned in this article now are they? Let’s stay focused.

          • Double S says:

            The thin is thought you would never ever mention them in any article in which they either pen or are the subject.

            Just face it you are just another partisan hack, despite your false claims of being an independent.

            • Time Shall Tell says:

              Stop trying to paint pictures while blindfolded, you don’t know me.

  9. Skytrain says:

    No bank will touch Crypto in Bermuda and a 4th new bank is at least 12 months away. These guys have already moved on to Malta and Cayman where they can actually deposit their money.

    • What says:

      Just shows that you know nothing about the crypto business! Shut up troll!

      • aceboy says:

        He is absolutely right about the bank’s not wanting to touch crypto currency. If you think otherwise someone is lying to you.

        • What says:

          The banks are part of the 40 Thieves legacy and don’t want Bermuda to get ahead with a project that does not allow them to charge ridiculous fees! We will move on without them and then tax them for lack of support to the local community. Bank today but gone tomorrow. New World Order.

          • New World Order says:

            Well stated “what”. Time to do housekeeping on legacy business. Either support our country or have your tax raised or license revoked. It’s simple economics.

            • question says:

              ….and we would be left with no banks. Great idea, moron.

          • Toodle-oo says:

            Yeah , right . I’m sure that HSBC and even the management at any of the other banks would be in a WTF moment with your 40 thieves reference. lol

          • Double S says:

            Not one Bank is Bermuda owned anymore moron…

            And you do realise they can’t back cryptocurrency or gaming for that matter because their correspondent banks would drop them like a hot potato.

            For a person who claims to be an expert in things you sure do come across as severely uninformed.

            • Just a Thought says:

              Actual Butterfield is still Bermuda owned. It’s one of the reasons they started to trade on the US stock exchange, need to find a new tap of funds cause no one bought them.

              • Double S says:

                No it is not Bermudian owned. It is owned by thousands of shareholders with teh majority being foreign institutional owners.

          • Anbu says:

            And there it is as usual. Dont agree with me then you must be a racist. Lmao. Get educated fool. It might do you some good. You and new world order should start a bank then. Bet u tank in a week lmao. “40 theives”…….lmao. What does that make the pee el pee then? Hahahahaha.