News Release: Hamilton, Bermuda – As a result of confidence in Bermuda’s high regulatory standards, the Government is pleased to announce 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, the Hon. David Burt, JP, MP, 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 a result of our business development and promotional efforts, 66 FinTech companies have been incorporated in Bermuda. However, 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.”