Minister Hayward On FinTech In Bermuda

May 3, 2024 | 7 Comments

Yesterday [May 1] the Minister of Economy and Labour, Jason Hayward, spoke at the International Tech Summit, held from 29 April to 3 May 2024.

A Government spokesperson said, “This global digital asset conference brings innovators, leaders, builders, and everyday citizens from around the world to Bermuda. The summit demonstrates blockchain’s real-world use and its impact on everyday life in Bermuda.

“Minister Hayward opened the International Tech Summit’s afternoon session expressing his enthusiasm for the group gathering to celebrate a shared vision and commitment to excellence and innovation. He also reflected on the tremendous strides Bermuda has made in shaping the Island’s FinTech landscape and the opportunities to come.

Minister Jason Hayward Bermuda May 2 2024 (1)

Minister Hayward explained, “In recent years, Bermuda has been at the helm of FinTech innovation, driven by a robust legislative framework, starting with the pioneering Digital Asset Business Act of 2018. This visionary legislation has positioned the Island as a leader in this dynamic sector and stands as a testament to what clear regulatory foresight can achieve.

“As a result of our efforts, over the past year alone, the number of companies engaged in FinTech activities in Bermuda has surged from 23 in 2020 to 72 by the end of 2023. From a licensing perspective, Bermuda is now home to 28 DABA-licensed companies, a robust increase that reflects the confidence the global community places in our jurisdiction. This growth indicates Bermuda’s strength and commitment to fostering a high-quality ecosystem of innovative financial services.

“Let us remember that FinTech’s influence extends far beyond mere numbers. It is about authentic, measurable impact—creating jobs for Bermudians, enhancing skills, and paving the way for a brighter future.

“Our focus has always been to empower Bermudians, enabling them to participate and excel in FinTech. Initiatives like the Government’s support of this conference, its annual FinTech Training & Education Programme, and its annual Tech Education Day equip our youth and professionals with the skills necessary to be innovative leaders.

Minister Jason Hayward Bermuda May 2 2024 (2)

“By fostering an environment of learning and growth, we want to ensure that the benefits of FinTech reach throughout the community, building a knowledgeable and competent workforce that is ready to take on global challenges.”

“To that end, the Ministry is pleased to advise that the Government will soon release a robust Fintech strategy based on five strategic development pillars, which include:

  • Ensuring Bermuda has a progressive and agile regulatory environment.
  • Fostering an innovation ecosystem.
  • Ensuring international collaboration and market access.
  • Facilitating incubation, investment funding and entrepreneurial programming; and
  • Investments in Talent Development and Education.

Minister Hayward continued, “The vision for FinTech in Bermuda extends far beyond today’s current ecosystem; it is a vision that moves FinTech from the fringes of society to becoming the bedrock of daily financial activities and interaction.”

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Comments (7)

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  1. Joe Bloggs says:

    I walked past Victoria Place yesterday. It looked empty. I guess everyone was at the International Tech Summit

    • Hilarious! says:

      But the mailboxes and desks stayed in Bermuda.

    • Question says:

      They should have held the Fintech Summit at Victoria Hall, the headquarters of Bermuda’s glorious fintech industry. Of course, they’d first have to powerwash the sheet off the entrance way, and have power restored to the building.

      • Truth says:

        There’s no room in there, that’s where they’re storing the $10 Billion in gold.

        • Hilarious! says:

          That comment has to win the Internet today! Well done!

  2. Hilarious! says:

    OH NO! Not “a robust Fintech strategy!”
    What we really need is a fully functioning zesty Fintech strategy.

    And a “robust increase!”
    “From a licensing perspective, Bermuda is now home to 28 DABA-licensed companies, a robust increase that reflects the confidence the global community places in our jurisdiction.”

    Companies like Bittrex Global Bermuda?
    Important Update Regarding Bittrex Global
    It is with great regret that we announce that Bittrex Global has decided to wind down its operations. This decision was not made lightly, and we understand the inconvenience it may have on our valued customers.

    Effective Monday 4 December 2023, all trading activity on Bittrex Global has been disabled. Customers are now only able to withdraw assets as part of the winding down process.

    Important Information for Bittrex Global Bermuda Customers
    Why did Bittrex Global Bermuda decide to go into liquidation?

    In November 2023, Bittrex Global announced its decision to wind down operations. See full statement here. As part of our commitment to ensuring an orderly wind down, now is the most appropriate time to hand over to third-party provisional liquidators under a court supervised process to oversee the company’s dissolution.

    Why does this only apply to Bittrex Global Bermuda and not Bittrex Global Liechtenstein?

    Bittrex Global is registered and regulated as separate companies in Bermuda and Liechtenstein. Different legal requirements apply in those two jurisdictions, and so the precise manner in which the wind-down of the companies takes place differs. Completing the wind-down in Bermuda requires handing over to a third-party liquidator who will oversee the wind-down and help ensure that all assets are distributed as quickly and efficiently as possible.

    Our very own Denis Pitcher, advisor to the Big Guy, is the only person who comes up in a LinkedIn Bittrex Global Bermuda search.

    Independent Non Executive Director – Bittrex Global (Bermuda) LtdIndependent Non Executive Director – Bittrex Global (Bermuda) Ltd
    Bittrex Global (Bermuda) LtdBittrex Global (Bermuda) Ltd Apr 2021 – Mar 2024 · 3 yrsApr 2021 – Mar 2024 · 3 yrs Hamilton, BermudaHamilton, Bermuda
    Acting as a member of the board of directors and risk committee of Bittrex Global (Bermuda) Ltd I provided oversight and guidance with regard to their regulated digital asset business activities in Bermuda.
    Bittrex Global (Bermuda) Ltd went into solvent liquidation in Mar 2024 after a decision to wind down the business in Nov 2023.

  3. 365 says:

    I wonder if Minister Hayward and Burt explained the importance of crypto currency in the world of cyberattacks and ransomware and how the Bermuda Government used this untraceable method to pay off the individuals that locked down the country’s computers? Tell us the truth for once!

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