Premier Announces Another New MOU to Boost Bermuda's Financial Industry

Premier David Burt announced the signing of another new memorandum of understanding with B-Seed Partners, FinHigh Capital, a South Korean fintech firm, and BFS Holdings, Ltd from Britain.

While making the announcement, Mr Burt said organisations had “indicated their desire to join with us in growing the fintech industry in Bermuda through the establishment of a fintech accelerator”.

The investment will be worth “up to $10 million”.

“Bermuda’s leadership in the development of a FinTech industry supported by a sound regulatory base is attracting the attention of the world,” said Mr Burt.

“This Government’s determination to produce the right framework for growth in this area has set a high standard. As I have said before, we promised to usher in an era of business development that, at its core, would diversify Bermuda’s economy and provide opportunities for Bermudians to be more than spectators to economic success.

“We want to partner with those investors who share our goal of using the development of their business interests as a means by which to provide that economic success to Bermudians who have for too long been sidelined.

“Today I am pleased to announce such a partnership. B-Seed Partners and FINHIGH Capital as well as BFS Holdings Ltd. have indicated their desire to join with us in growing the FinTech industry in Bermuda through the establishment of a FinTech Accelerator and an investment of up to $10 million for that purpose,” said the Premier.

“The MOU we sign today sets out our agreement to work collaboratively toward that goal and I am pleased to confirm that Bermuda FinTech Accelerator Ltd. will be a Bermuda exempted company and is in the process of incorporation.

“Where goals are a fit with our aims and objectives we will partner. Where the employment opportunities for Bermudians can be enhanced we will partner. When the educational opportunities for Bermudians are increased, we will partner,” he added.

“This is an exciting development which has come as a result of this Government’s clearly manifested leadership in this area. Our commitment to a well regulated business environment means that those who do business in Bermuda will depend on those very same factors that have served Bermuda so well.”

He also thanked the “team for their vote of confidence in Bermuda and in the leadership this Government has brought to the development of this industry for the benefit of the people of Bermuda”.