• The following statement was made by PLP Senator Anthony Richardson in the Upper House on Wednesday, July 4, 2018

It is unfortunate that the OBA has been reduced to blatant fear mongering in response to the excellent progress being made by the Government in the development of new employment and educational opportunities for Bermudians in the Fintech industry. 

The Fintech industry needs an innovative and robust banking solution and Bermudians need more banking options.  We believe that the creation of a new class of bank addresses both needs.  The Bermuda Bankers Association and the Bermuda Monetary Authority also agree with our approach. 

The Memoranda of Understanding signed with some of the leading companies in the digital asset industry are intended to diversify our economy and offer jobs and millions of dollars in scholarships for Bermudians to train or retrain for opportunities within this exciting new industry. 

With the creation of a new class of Bank, Bermuda reinforces its place as a global leader in this industry.  We anticipate further growth in jobs and opportunities for Bermudians.