Govt: ‘Will Focus On Making Strides In Fintech’

May 29, 2019

The Government “will continue to focus on making strides in the Fintech space” and “will not be deterred by the Opposition’s myopic focus on one of the many tech companies that have incorporated in Bermuda,” the Government said.

The Government also added that “there is no Memorandum of Understanding with Arbitrade, and they are not currently licensed in Bermuda for Digital Asset Business.”

This follows after Deputy OBA Leader Leah Scott said that “for months, we have been asking for answers to multiple questions” about Arbitrade, with Ms Scott adding that “we deserve answers and we should have answers.”

Arbitrade has attracted attention over the past year for their various claims and statements, and the company, which previously stated they expected to get licences to operate in Bermuda by last September, does not currently have a licence to conduct a Digital Asset Business, however did receive permission to purchase Victoria Hall in Hamilton.

A Government spokesperson said, “The Bermuda Government continues to prepare Bermudians for the technology jobs of the future and will not be deterred by the Opposition’s myopic focus on one of the many tech companies that have incorporated in Bermuda.

“It is important to correct misinformation contained in the Opposition’s statement. They describe a building legally acquired by Arbitrade as ‘an acquisition, which, by the way, proceeded before the company was even incorporated.’ – This is 100% false.

“Additionally, there is no Memorandum of Understanding in place with Arbitrade, and they are not currently licensed in Bermuda for Digital Asset Business.

“On May 9th, 2019, the Premier issued a statement stating that the Opposition can use the opportunity at the Premier’s Question Time to ask about Arbitrade. When the opportunity arose, the Opposition failed to bring any questions. They have instead chosen to place misinformation in the public domain. Such activities have already cost Bermudians jobs and opportunities and made efforts to diversify our economy more challenging.

“Bermuda has an extremely high standard and the government, in conjunction with the Bermuda Business Development Agency, will continue the work of attracting companies that can meet the Bermuda Standard in spite of those who seem more interested in grandstanding than in diversifying our economy and creating jobs and opportunities for Bermudians.

“We have a clear process for companies wishing to do business in Bermuda governed by the Bermuda Monetary Authority [BMA] and the Fintech Advisory Committee. Companies have choices; any company which meets the standards of risk management and disclosures as documented by that process are welcome to do business in Bermuda.

“We will continue to focus on making strides in the Fintech space, both locally and globally.”

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Comments (44)

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  1. DeOnion says:

    so a ‘Government spokesperson’ issues a statement that does not actually address the answers….. and we are paying $2.5m for that?
    By the way, why is it a Government spokesperson? why no name?

  2. question says:

    The Premier can’t see a line of total bullsh%t even when everyone else points it out to him. What an amateur.

    • Swing voter#989 says:

      The oba UBPeeeeeeee Opposition needs to focus on what name and leader they will switch to after the loss @ the NEXT ELECTION. Nick Kempe hope you ready to lead soon :)

      • dick francis says:

        so just ignore the message again?

      • CHRIS says:

        the PLP have more ex UBP members than the OBA! but all that is no nevermind. stick to the topic, which of course you can’t because the PLP went into bed with Arbitrade and now Bda’s reputation is at risk. you will follow the PLP into hell taking the rest of Bda with you before you take the rose coloured glasses off and see the light.

      • andrew says:

        This is scary, but true. PLP are bullet proof from the voting population it seems. Driving the truck right off the cliff with everyone cheering them on. SHEEP

      • question says:

        Such a moronic comment. You do realize you have two ex-UBP leaders as Ministers, don’t you?
        Burt has gone from promising hundreds of jobs to being missing in action whenever something goes wrong, which is about 3 times a week.
        Arbitrade sold Burt a crock of bullsh%t and he completely bought it. The man cannot be trusted to make important decisions. He takes no responsibility for anything. His leadership is terrible.

      • Swing voter # 990 says:

        That is the last time I vote plp they embarrass me. I cannot believe how bad they have screwed things up.

        • Yahbie says:

          I agree. I’m done wif them, they don’t know how to manage our money.

      • Mark says:

        Hope you’re ready for a steady diet of Pedigree.

        • Toodle-oo says:

          With the way the COL is skyrocketing thanks to all these PLP taxes Pedigree will soon be $15 a can and it’ll be food for the wealthy.

      • Red rose says:

        Maybe the plp/ubp need to get a plan

    • Swing voter#989 says:

      The 4 years the OBA was in power……. the PEOPLE only saw total BULLsh%T. So much toilet crap it force you to play duck duck goose game with Jet Gate Craig, Milkman and sleeping Jean.

    • Ez ryda says:

      But Craig Cannoaire the only premier in our history resigned in disgrace. Meanwhile Premier Burt hasn’t had not even the slightest bit of controversy and he is the amateur lol…amazing

      • Ringmaster says:

        Not a bit of controversy? How you forget Swizzle Gate. Premier Burt also made Arbitrade his poster child. How’s that working out? Then there is the matter of the BHEC lawsuit. There’re 3 easy controversies.

      • 2 Bermudas says:

        Easy now Swizzle Gate and Four Seasons Gate!

      • Onion says:

        Burt should resign.

        But the PLP have no standards for the conduct of their leaders.

      • Sandgrownan says:

        To be fair, Bitcoin Dave should resign because he’s out of his depth and doing Bermuda a disservice.

      • Double S says:

        Tawana Wedderburn/BHeC/$1.2mn gate?

  3. road rash says:

    The OBAs statement did not say there was an MOU with Arbitrade – they asked what had happened to the millions of dollars promised by those who signed MOUs … they also asked about the $1m this company had promised … all things not answered by this statement.
    Government has backed this firm perhaps they can explain why?

  4. red rose says:

    Making strides with fintech – what a joke! what strides have there been so far? There have been lots of big strides towards taxing us to death ….

    • Ez ryda says:

      A fintech company hired a Bermudian as their CFO. If that’s not advancement in this industry then what is? Again you all move the goal post for the OBA who failed as a government. Wheres our 2000 jobs?

      • Ringmaster says:

        Please name all the other companies that have apparently set up here, and the number of jobs for Bermudians. Clearly an embarrassing question or the PLP would be holding press conferences to announce the good news.

      • Red rose says:


  5. dick francis says:

    This: Such activities have already cost Bermudians jobs and opportunities and made efforts to diversify our economy more challenging. is b/s and the PLP’s $2.5m spin doctors are themselves putting out completely inaccurate statements in response to a series of questions from the OBA which they have totally failed to answer

  6. chart says:

    Why are the propagandists so darn defensive? Because there’s actually no substance to their ‘news’?

    “will not be deterred by the Opposition’s myopic focus on one of the many tech companies that have incorporated in Bermuda”

    • road rash says:

      Notice they always talk about incorporations but never about jobs?

  7. trump supporter says:


  8. sandgrownan says:

    Strides in the Fintech space as we circle the drain.

  9. 2 Bermudas says:

    Pee El Pee could have built upon the Americas Cup and continued on the OBA’s track to get casinos up and running in Bermuda, but instead they pursued this Fintech pipedream. They’ve made Bermuda worse for Bermudians by doing so!!

    Pee El Pee!! Pee El Pee!! Bermuda for Bermudians!! Bermudians first!! Hahahaha!! Keep drinking de titty milk!!

  10. CHRIS says:

    more bull hockey from the inept PLP. when will people WAKE UP and boot them out once and for all.

  11. toadinthehole says:

    So by this statement, Government is saying Arbitrade is OK?

  12. puzzled says:

    Shark Fin soup.
    Think about it..

  13. Clem says:

    “will not be deterred by the Opposition’s myopic focus”

    If you look at the definition of myopic, lacking foresight or intellectual insight.I think the public can make up its mind.

    If the Government want to prepare Bermudians for the tech industry they must ensure more of our children qualify with GCSE qualifications and we show the world that we can operate a bus service.

  14. Onion says:

    The Premier is a liar.

    Arbitrade has no legitimate business.

  15. Guy Carri says:

    One of many incorporated.
    One of many that promised $1M – where is that btw?
    One of many that bought property!
    One of many that was given special permission by the (then) Finance Minister and Premier!!!
    One of many that was called out to be shady.

    Thankfully the BMA is guarding the gate bc PLP can’t, couldn’t and didn’t.

    We are lost as a people, government and country (I know we aren’t actually a country).

    Come election we will be once again divided by race and politricks.

  16. aceboy says:

    So are you saying we don’t deserve any answers on the Company that somehow got permission to own a building in Hamilton and who promised all sorts of stuff they haven’t delivered….all without an actual license to do anything related to Fintech? We don’t deserve that? Despite all the promises about operating in the sunshine of transparency and good governance you are simply going to ping pong words that give no information at all? That is unacceptable Mr. Burt.

  17. Joe Bloggs says:

    How interesting, a “Government spokesperson … It is important to correct misinformation contained in the Opposition’s statement” and “They have instead chosen to place misinformation in the public domain”.

    Not a PLP spokesperson, a “Government spokesperson”. I think the neutrality of the civil service just took a big dent.

    • Ringmaster says:

      Very true but the believers don’t understand the difference, nor care.

  18. Rotten Onion says:

    Fintech is coming, so is the apocalypse.

    • Troy says:

      Not to Bermuda, it’s people are not progressive enough sadly

      • Onion says:

        Excuse me, the PLP are working hard to bring the local economic apocalypse

      • Double S says:

        Does progressive mean having multiple aliases ‘Troy?’

  19. Uncle Dad says:

    Headline should read “Govt: Will try to learn loads about Fintech stuff.”

    Rank amateurs. Too thick or arrogant to see how poorly they’ve managed the space to-date.