Premier Burt Congratulates Jewel Bank

June 8, 2022 | 9 Comments

“A milestone for Bermuda’s Fintech industry” said Premier & Minister of Finance David Burt as he congratulated Jewel Bank following the issuance of their new full banking licence and Class F digital asset business license from the Bermuda Monetary Authority [BMA], noting that it is ”Bermuda’s first new bank in 21 years.”

“One of the major headwinds for us attracting more companies to Bermuda, which will create more jobs on island, is the lack of banking services for fintech companies,” the Premier said. “Though there are 15 licenced Fintech companies in Bermuda, all of those companies are banked by overseas banks due to the lack of banking access in Bermuda.

“Jewel Bank will fix this problem, and provide a concrete boost for Bermuda’s growing fintech industry by providing core banking, digital asset custody, traditional and crypto-collateralized lending, fiat currency on/off ramps and stablecoin issuance/redemptions. Though these are technical words that will not mean much to most citizens, this is a sea change for Bermuda and I couldn’t be more excited.

Twitter Premier June 8 2022

“Bermuda’s fintech journey began in November 2017, when the Government established a cryptocurrency task force that was successful in putting Bermuda on the map for digital asset companies. Despite the naysayers, the Government has continued to tell the Bermuda story around the world which has led to a 50% increase in the number of licensed companies this year.

“Jewel Bank being issued with a full bank license is great news for our digital asset industry. The services that they provide will help to accelerate Bermuda’s development in Fintech and will support the Government’s vision for digital transformation, economic growth and more job opportunities for Bermudians with 40 new jobs being brought into our economy in the near term.”

Premier Burt concluded, “I would like to thank MP Wayne Caines, who was responsible for Fintech when this journey began, the Bermuda Monetary Authority and the leadership of former CEO Jeremy Cox and current CEO Craig Swan, the Government’s Fintech team and all of those involved for the incredible work in believing and supporting the Government’s vision for the development and growth of our Fintech industry.”

“In an uncertain world, Bermuda is doing what it does best, demonstrating leadership in Financial Services, and in the long term that will mean more economic prosperity in Bermuda’s future”.

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Comments (9)

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  1. Ringmaster says:

    The Premier is on fire. He has taken credit for the Gencom/Southampton Princess deal (when will we learn of the contract details, facts and start date?), Arbitrade, Savvy and the TAF. Now Jewel. What a CV.

  2. watching says:

    Well done PLP Government. Your vision and execution is setting the stage for a new day in our country and opening up more opportunities.

    • bsbafflesbrains says:

      and you believe that?? must be an ofF then

    • Burtcoin says:

      For who??? Himself. Not to mention that most of those digital companies are frauds. We attract things like this because our government are suckers! This government aren’t innovators they’re just dumb!

    • Question says:

      Comedy gold.

    • Sandgrownan says:

      Clueless.

  3. Unknown800k says:

    Is it just me, or every other digital thingy the egomeir has introduced you end up seeing the company making headlines for all the wrong reasons.
    IJS

  4. Hey says:

    Well it seems Jewel has passed all the smell tests, but it stinks to me. Time will tell.

  5. trufth says:

    Will they be located in the Arbitrade building, working alongside all of those happily employed Bermudians?

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