Minister: Systematic Approach To Fintech Growth
38 companies have incorporated in Bermuda and approximately 50 more companies “are in the pipeline,” Minister of National Security Wayne Caines said, adding that while people may want the fintech plans to “happen overnight,” they cannot as there are steps to be taken, however the government is using a “systematic approach” to grow our economy and bring jobs to Bermuda.
Speaking with Bernews recently, the Minister said, “Over the last six months, we’ve passed three pieces of legislation. ICO legislation, which governs how money is raised through initial coin offerings.
“Number two, the Digital Asset Business Act that governs cryptocurrency exchanges or token exchanges, and it puts the law in place. That is something that was penned by the Bermuda Monetary Authority. And amendments to the banking legislation.
“Since that time, Bermuda has literally gone from not having anything in the space, to being the first country in the world to have legislation drafted in the fintech space.
“What we’ve done in the last months, we’ve put the first layer down, the most important layer, that’s the regulatory piece.”
Video of the Minister’s comments [we apologize for the audio quality, we had tech issues!]
The Minister added that so far, over thirty companies have incorporated in Bermuda and additional companies are interested in coming to Bermuda, with some visiting the island to learn more.
“We have approximately 38 companies that have finished the incorporating process in Bermuda. We have approximately 50 companies that are in the pipeline coming to Bermuda. Over the last six months, we’ve seen 130 visits to Bermuda by over 50 companies,” the Minister added.
“Anyone that knows anything about business, there are stages that you go through before you get boots on the ground. We understand that ultimately for Mr. and Mrs. Bermuda, they wanna see the benefit of having boots on the ground, people in our economy.”
“What we’re seeing now are the green shoots of people coming to Bermuda,” Minister Caines explained. “We’re using a systematic approach to get to boots on the ground.
“The first part is putting in the legislation. The world knowing about what we’re doing. Now we’re seeing people that are coming to Bermuda. How do we know people are coming to learn about what we’re doing? Because we’ve had 130 visits by 50 companies.
“After we go through the visiting and the courtship phase, companies are settling in on incorporating in Bermuda. We have had 38 companies incorporate in Bermuda, and approximately 50 more in the pipeline.
“The government has a clear plan in place, and we believe that in the not too distant future, we will see companies coming and setting up and domiciling in Bermuda.”
Minister Caines also said some people have been saying it’s ”about bitcoin,” and he explained it is wider than that, saying that this endeavor includes cybersecurity, data storage, coding, digital technologies, med tech, insurtech and more.
“There are so many different avenues, that this allows Bermuda to be playing in different space,” he added.
“We’re not saying that all of our problems end as a country as a result of fintech and that we should not invest in regular education or regular business,” he added. “We’re saying that this is another opportunity for us to develop another pillar in our country.
“As much as everybody wants this to happen overnight, it’s not going to happen overnight. The legislation is in place, the people are coming to Bermuda now.
He said it is a “systematic approach,” in keeping with our immigration rules, the pace at the Registrar of Companies, and “we have to make sure that companies are coming to Bermuda and they’re following our path.”
“The truth of the matter is there is a buzz around Bermuda. People are coming to Bermuda now, and we believe that once we do this systematically, once we follow the prescribed method, that we believe that we will see the benefit of people coming to Bermuda.”
The Minister also noted comments from Deputy OBA Leader Leah Scott saying that while she “compared the America’s Cup with the fintech industry” that is a matter of “comparing apples with oranges.”
“That was an event that was over a month, that created a bump and a spike in our economy,” Minister Caines said.
“Instead of Bermudians decrying the opportunities and trying to poke fingers at the program, this is an opportunity for us all to roll in together. The Opposition have a clear responsibility, but it must not overshadow what the key point is.
Minister Caines added that “if the OBA had a plan around the 2,000 jobs that they promised,” the Deputy OBA Leader be the Deputy Leader of our country, and the “reason why she sits in the very seat that she sits in is because the OBA did not deliver.”
“This is an opportunity for us to focus. This is an opportunity for us to work together as a community, private sector, public sector, consultants, overseas industry partners, and put together something that is a powerful fintech industry for the people of Bermuda,” Minister Caines said.
“We have the opportunity to look at the strengths and weaknesses of our economy, to put together a strategic plan for us to make an effort and an endeavor to grow our economy, to bring jobs to Bermuda,” Minister Caines added.
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Sounds like the PLP are backing off all the hype they have been promoting? Something is definitely wrong as they are using the old “in the near future” statement which in PLP speak means “not gonna happen”!
With all these companies “coming to Bermuda for courtship” I find it incredulous that not one can open a bank account nor hire Bermudians for anything remotely related to openya business. And what happens when the banks don’t materialize? Is Bermuda left holding the bag?
Mr Premier you have a lot to speak to yet the trips overseas continue without real progress and “boots on the ground” as you say. And you are developing a building for FinTech which I assume is free to FinTech companies as they can pay their bills without a bank account or are they going to pay our Government in bitcoin?
Lots of questions and still no answers in sight. Sounds like this is all stalling and the PLP is now trying to put a firehouse on the fire!
Here is the problem – the PLP mantra has changed from creating jobs for Bermudians to “bringing jobs to Bermuda” -BIG Difference. What buzz is he talking about? There may be one at all the cocktail parties he attends with free booze and snacks but in the wider community people are feeling the pinch. Retails sales down again. Real estate space widely available and the population in serious decline. Maybe he is still thinking about milk?
If they can’t get gaming right they don’t stand a chance with this! The PLP needs to lay off the titty milk for a while!! ha ha ha!!
You guys are put in power to govern, stop crying about what the past administration did or didn’t do. Thats why there out. Put on your big boy pants and drink milk.
And since you seem to be pretty SURE, how many Bermudians are you going to hire.
Agreed, a lot of talk and no action…this isn’t going to be good for Bermuda or Bermudians. How many Bermudians are qualified in fintech, other than the mailman that was just put in charge.
Systematically remove the signature with international narcotics and sign UN human rights…then provide medical marijuana so the general indigenous may have relief from suffering please.
How do they feel now that the ESTU and supporters have shown their hatred of foreigners and lack of respect for the law which by the way is in place to protect Bermudians and all residents.
Agree BUT, bitcoin is such a shady business that these guys really don’t care about being hated and have no respect for any laws Bermuda may or may not have.
THEY ARE USING US!! They are taking advantage of our stupidity.
They see us as a bunch of idiot island bumpkins who have no idea what we are getting ourselves into. They only see us as a zip code that is too stupid to understand that there’s a reason why no legit bank wants to touch this with a barge pole. And too stupid to understand why most legit countries say “hell no” to this shady business. (Keep in mind that bitcoin is used to pay for porn and to pay ransoms for people caught with porn on their computers. See related Police story on porn scam email)
So TittyMilk, you won’t be getting a call from MENSA any time soon.
Show us one actual job created out of all this spin Minister TMilk.
The Premier says he has a “5 year vision”. Very helpful and comforting if you are unemployed today.
At least he’s on message with constant bashing of “the one month raft up” for billionaires.
But it’ OK if he mixes with his bitcoin billionaires?>
They’re just sore that during PLP Mk I the best, the absolute bets, they could do was get Beyoncé here. The PLP lack the will, appetite, drive, and intelligence to even consider such an undertaking. It, simply, would have been too much hard work.
This sounds like someone who uses his own supply!! Titty milk is real!! ha ha ha!!
Will the union confirm that laws apply equally to everyone?
You mean the union that would’ve been marching had the OBA been governing when belco striked last week? Or the union that didn’t show up!!
Uh oh, here we go. The back paddling has begun. Good news is that certain people have racked up all kinds of air miles to use later on personal trips.
“The truth of the matter is there is a buzz around Bermuda. People are coming to Bermuda now, and we believe that once we do this systematically, once we follow the prescribed method, that we believe that we will see the benefit of people coming to Bermuda.”
Well, as long as they speak English, aren’t Canadian and aren’t gay. But other than that we’re good right? And don’t even think about making Bermudians redundant, the government has the final say on how you manage your business.
Oh, and Immigration are on a go slow.
So after all the promises of jobs and training and investment, we are now being told it will all take time … this would be funny if it were not so serious.
Government has put everything into this and there is nothing else – nothing else while the economy is tanking and when time is something we have not got.
Thank you Minister for addressing these incompetent so called high IQ types called the OBA trolls. It’s clear and obvious that the OBA followers dont understand business and lack the common sense to understand. The lies being told by them are completely ridiculous and not one word in that article ever suggested the PLP are back peddling on jobs being created. That’s a figment of the OBA followers imagination. Please anybody in the OBA, when did the PLP put a time stamp or quantify when and how many jobs will they create?….I’ll wait for the lies and deflections. Fintech is an industry and again you all keep trying to put it only with bitcoin, which shows how stupid and also manipulative you all really are. You all keep talking about being friendly to foreigners but yet all you all have displayed nothing but vitriol for these foreign companies potentially coming to and incorporating in Bermuda because you all want another sail boat race. A temporary bandaid used to patch up the added mess the OBA created. Instead the PLP is looking longterm and you all are trying to sabotage them. Caines just gave you a FEW areas of Fintech but it’s so many more avenues and career fields jobs will be in abundance for those who seek to be apart of this. I’m not going by what a small minded MINORITY called the OBA says about this when they have NO CLUE what it is. Fintech and technology period is a young man’s game and that scares you all to death because you all are satisfied with the good old days when you all controlled everything like you still do today. Come at us with FACTS not fairness in regards to information about FINTECH. The whole world is watching Bermuda and are more excited than a lot of you all on the internet about Bermuda being the home for Fintech. Did the IBs and insurance companies come here and setup overnight, NO it took time to build that pillar of our economy. This new pillar being built will take time but I bet you you wont be waiting 4 years for a month long event. That I can assure you…
*FACTS NOT FICTION
Agreed – fintech is the future and establishing ourselves as a global hub could bring significant value. So why risk losing that opportunity by opening our gates indiscriminately, and allowing companies secured by $1bn of invisible gold or with CEOs who have previously been sued for fraud to be the ones to provide the foundation?
Hahaha.
PLP has been in power for 15 of the last 20 years and somehow the malaise Bermuda is in is solely because of the OBA? Then you have the nerve to call others dumb and manipulative.
Guessing you guys aren’t liking your own tactics being used against you.
Suck it up buttercup. What’s good for the goose and all that…
Now where are those job thingies that you and your team railed about between 2013 and 2017?
“A temporary bandaid used to patch up the added mess the OBA created. Instead the PLP is looking longterm and you all are trying to sabotage them.”
Mess the OBA created? Really? So, the previous 14 years of PLP failure and incompetence didn’t happen? Right.
Trust me, they won’t need any help being sabotaged. They can do that all by themselves.
Ain’t een 5 o’clock yet and you’ve already had too much titty milk! Ha ha ha!!
LOL
Betty’s come back with a new attitude and profile !
38 company incorporations and 50 on the way but not one mention of ANY jobs! No wonder TC is back peddling …
He’s changed his tune, that’s for sure. They’ve gone from boasting about 70 jobs created to saying “it takes time to get boots on the ground”.
Suddenly re@lity sets in.
Amateurs.
All very good. Now, may I ask where all these new companies will do their banking? My understanding is that the Big 3 banks in Bermuda will not bank their business.
Of course, the whole idea of crypto-currency is decentralized structure, so perhaps they can pay all their bills in bitcoin and not need a bank.
But then how will they make their Social Insurance contributions and pay Payroll Tax?
BINGO! Will the govt now accept cryptos as payment for taxes? Don’t think so! THis is all one big fat scam and in typical PLP style, they are falling for it. Does the Black Mayors conference and ho yeah the bohemoth Hamilton Harbour lease ring any bells? How much did we tax payers get taken for those? ALL under PLP. the OBA made money for this Island AND its people. ask any taxi driver.
Will the last one out turn off the lights and grab the bottle of titty milk on the dining room table.
…No jobs are coming.
Wayne Cains is looking to get Titty Milk anywhere he can including Bitcoin.
He’s bringing the entire government down. But that’s an incontinent truth they won’t accept.
Regarding AC35: “That was an event that was over a month, that created a bump and a spike in our economy,” Minister Caines said.
No, there was a +2 year lead up to the event that significantly added to the GDPs of those years.
I`m sorry, please tell me what T-Milk man really knows of Fin-tech etc.? Why is he the expert in this unknown ? What the heck are you doing PLP? What else is there in the pipeline to stimulate the economy other than riding the OBA wave ???? And don`t tell me tourism and IB !! Fact is,, NOTHING!!!!