Bermuda to Create Banks for Fintech

Members of Parliament approved a new type of banking license to cater to Bermuda’s fintech industry Friday night. David Burt, the premier and minister of finance, told the House of Assembly that the restricted license would allow fintech companies access to a Bermuda bank account and the chance to be part of the island economy, Yahoo reported. He said: “Despite the robust regulations put in place to date, our four local banks have been unwilling to offer services to newly incorporated fintech and distributed ledger technology companies. This is a problem that we must fix or else Bermuda will not be able to realize the possibility of economic growth that can come from a fintech industry on our shores.”Burt added: “This government believes that fintech companies that are licensed to participate in legal business ventures in Bermuda should not be treated differently and should not be shut out from participating fully in the local economy. It was therefore incumbent on this Progressive Labor Party government to find a solution to this problem.” Burt said the amendments to the Banks and Deposit Companies Act 1999 would solve the problem.