Column: Banking On Bermuda’s Newest Industry
[Opinion column written by MP Jache Adams]
There is a new bank in town for the first time in over two decades!
Jewel Bank has received its full bank and digital asset business licenses from the Bermuda Monetary Authority, opening the door for them to service the digital asset industry and will eventually offer retail services for residents of Bermuda.
Jewel Bank will help Bermuda’s digital asset industry by providing core banking, digital asset custody, traditional fiat, and crypto-collateralized lending.
Additional offerings include fiat on/off ramps, stablecoin issuance/redemptions, real-time settlement, and bridging the gap for persons who wish to invest in crypto assets. While these terms may not mean a lot to members of the public now, I can assure you that being able to provide these services on island indicates a massive step forward for our digital assets industry.
Critics have doubted our vision of Bermuda becoming a global leader in Fintech and the Digital Economy. Still, as seen by the announcement this week of the launch of our island’s first Digital Asset Bank, the PLP government is delivering on our promise to expand the economy by creating new industries.
Jewel Bank will soon begin to provide retail banking services for Bermudians and bring 40 new jobs into our economy. This will help accelerate our development in Fintech and support the Government’s vision for digital transformation, economic growth, and more job opportunities for Bermudians.
The licensing of a digital bank is significant for digital assets as our growth has been hindered due to the lack of banking services in Bermuda to support our local digital asset companies.
Now that the Bermuda Monetary Authority has granted approval, Bermuda’s long-term digital transformation has launched and can only advance in the months and years ahead. This growth will not only be in terms of the services available to the digital asset industry and locals but to the development of this industry in Bermuda that will be recognised globally.
But beyond the big news of this major step forward in this space is that Jewel Bank will be issuing stablecoins, a type of cryptocurrency that has all of the security and transaction speed of other models but does not have the volatility and instability of other cryptocurrencies.
This stems from being tied to a fiat currency such as the US dollar or a commodity such as oil or gold. One of the ways this could benefit Bermudian businesses is to provide a cheaper alternative to taking credit cards.
We have taken a lot of criticism for trying to build this new industry, but we are making steady progress in this arena, and we are becoming recognized as a global leader in this space.
Since Premier Burt laid out his bold and progressive vision for Bermuda entering and becoming an attractive place to do business Jewel Bank is the 15th company to be licensed and registered with the Bermuda Monetary Authority. In the last year alone the number of companies registered with the BMA has grown by 50% and more are on the way as we continue to grow while ensuring we protect our reputation through sound regulation.
Bermuda is rapidly becoming known worldwide as the place for high-quality companies to do business. The future continues to look bright for our digital assets industry and our people!
- MP Jache Adams, Constituency 19 – Pembroke West
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Category: All, Business, News, technology
Coming from my area MP that guaranteed me ill see him often in the area,,, maybe hes in another area..typical lip service
He doesn’t need your vote. Now run along and go help the obaUBP change it’s name again to attract THE people who actually swing vote! I hear the milkman is having a hard time trying to attract us.
How many Bermudians did the announcement say will be employed at this digital bank?
I’ll give you a clue. It’s less than 1.
“Jewel Bank will soon begin to provide retail banking services for Bermudians and bring 40 new jobs into our economy.”
Suddenly they’ve stopped making any claims at all about jobs for Bermudians. Now it’s just claims about ‘new jobs into our economy’, i.e. done by foreigners qualified to do them.
And claiming that banking is a ‘new industry’? What planet has he been on?
Remember the 100 that Arbitrade was creating, or the 1,000 Affinity was moving here? Just another back bench MP trying to look intelligent and having his name linked to another “fanfare PLP achievement” which never actually sets up shop. Great at the electioneering and hot air, but no substance.
What’s interesting is that if the young man was in your oba UBP boys club he would be a solid A+.Your racist attitude is why the oba is where it is. People like you are a perfect example of why all the swing voters just like me departed. Keep working hard to bring your party down.
There’s nothing more racist than the plp and it’s followers.
Your homophobia and xenophobia are on the world stage.
You have a failing economy.
You have tourists telling you that they’re not coming BECAUSE of your bigotry…and you continue to trumpet it.
I feel sorry for you.
Facts and their trolls keep making it worse for the OBA because of their racist attitudes. It’s why we have 30-6. Blogging hate is the only move they have always done .
The hypocrisy of the plp followers is thick.
No one likes Bermudians, because the majority are racist and homophobic.
You, Jah, are a filthy racist and a homophobe. LOL
Thanks for constantly destroying the OBA party.
…and thank you for destroying Bermuda…for your brothers.
I don’t live there, thanks Jah!
LOL….I don’t live in your s&&%%^country. LMFAO.
Good luck, loser.
This is very good for the Plp and even worst for the ObaUBP. I hear their trying to change the name again in the hopes of obtaining black voters back in the camp. It’s not going to work no way in hell. Sorry milkman I know your trying but I can’t join a party that surrounds itself with such racist negative people.
” I can’t join a party that surrounds itself with such racist negative people.”
LOL…you joined the plp…the racist homophobic party. LMFAO.
You’re so blinded by your hatred that you can’t see how hypocritical you are….a sign of poor education, and systemic racism by the majority.
You were never going to join anyway.
When you change the name again to run from a racist past black voters might join. Until that date continue blogging more racist hate Sandy your doing wonders to keep us from joining back for tea.
LOL , you’re too funny .
And no-one believes a d**m word you’re saying.
You need your own comedy show too .
30-6 was the believable word/number. The OBA only has trolls left as supporters.
I believe the OBA is obsolete , however the PLP needs to be obsolete as well . What we need is new blood in the form of a new party which may include a few of the genuine ones from each of the existing parties .
Right now we are stuck in reverse and that needs to change asap !
You wouldn’t know truth if it bit you in the *ss.
Don’t confuse PLP criticism with support of the OBA. They are not necessarily the same thing.
And the ’30′ in the 30-6 , how are they doing now , how optimistic are they , since the confidence in Bermuda went out the window 10 days after the 2017 election ?
Which party has the dumbest trolls ? (We know where you stand though)
The OBA is full of hate that constantly destroys itself 1 vote at a time. It’s the very reason they have nothing to say day in and day out.
So pointing out how utterly useless the PLP are is racist? Got it.
It’s only deemed racist by the majority of Bermudians, because they’re so poorly educated, they don’t understand the consequences of their racist and homophobic actions.
Facts have an anti-PLP bias.
Let’s look at the real rate on inflation vs. what the PLP say is the rate of inflation.
Idiots.
Jah said it best “Facts and their trolls keep making it worse for the OBA because of their racist attitudes”. Facts make it worse, so you believe the BS rather than facts? Says it all, as facts tend to be anti PLP, and remember this praise by the PLP of the Jewel Bank when it becomes the next Arbitrade.
One things is very apparent about those who spew their hatred for other Bermudians…Bermudians are immature. You’ve been coddled by the UK for centuries, and you act like petulant, spoiled children.