By March 2019 FinTech was the buzz word. Three days into the month of March Bermuda also recorded a second road traffic fatality with a third death recorded on Bermuda’s roads before the end of March last year. Here’s a look back at news making Bermuda Real headlines in March 2019…

News Release: Hamilton, Bermuda – As a result of confidence in Bermuda’s high regulatory standards, the Government announced that Bermuda can now offer an option for US banking services to Bermuda licensed FinTech companies.
Signature Bank, a New York-based full-service commercial bank, has agreed to provide a full range of banking services to companies that meet Bermuda and Signature Bank standards.  Signature Bank is a dynamic financial institution that was an early entrant into digital asset space.
Signature Bank is a leader in embracing highly regulated players in the Fintech and digital assets industry.  They are the first bank to launch a New York regulator-approved blockchain-based platform for managing money transfers between clients, months before J.P. Morgan announced their own similar JPM Coin initiative.
Premier David Burt stated: “The Government has been working diligently to promote Bermuda as the destination of choice for FinTech companies looking for a place to domicile.  We produced progressive legislation in 2018 and have established Bermuda as a leader in the FinTech industry. Bermuda is respected as a well-regulated and legislated jurisdiction in the FinTech space and companies know that this is a safe place to live and work.”
As of March 2019, he said there were 66 FinTech companies incorporated in Bermuda.
But he said: “The absence of banking services for FinTech companies has been an impediment to those companies who are looking to establish a physical presence in Bermuda.”

The Bermuda Police Service has confirmed the death 39-year-old Mr Shannon-Hugh Davis and extends sincere condolences to his family and friends.

A spokesman said: “Mr Davis – understood to be a Hamilton Parish resident – was seriously injured when the motorcycle he was riding east was struck by a 38-year-old male motorcyclist travelling in the opposite direction on North Shore Road in Hamilton Parish, between Trinity Church Road and Panorama Drive, around 6:40pm Friday, March 1st.

Mr Davis was rushed to King Edward VII Memorial Hospital via ambulance but sadly later pronounced dead.

A Family Liaison Officer has been assigned to assist the deceased’s family at this difficult time.

The 38-year-old rider involved, said to be a Devonshire resident, was also injured and transported to hospital via ambulance.

He was then arrested on suspicion of impaired driving and subsequently given police bail pending further inquiries.

At last check the 38-year-old was apparently recovering on a general ward.

The Ministry of Labour, Community Affairs and Sports announced that it will shortly be setting up a Wage Commission regarding the implementation of a living/minimum wage.

This follows the tabling of a report by the Parliamentary Joint Select Committee (JSC) last year on The Establishment of a Living/Minimum Wage Regime which listed the creation of a Wage Commission as one of its recommendations.

The Commission will be made up of a body of experts, with social partners from the Trade Union Congress and employer groups. The Commission will function as an independent authority, responsible for implementing the living wage rate.

The Commission will be charged with establishing the regulatory regime around the implementation of the statutory wage scheme based upon best practice.