Our speed is ideal for fintech race

John Wight

Published Jun 27, 2018 at 8:00 am (Updated Jun 27, 2018 at 7:21 am)

Delivering the goods: David Burt has moved fast on fintech (Photograph by Akil Simmons)

David Burt, the Premier and Minister of Finance, delivered the government budget in February with a strong focus on fostering economic activity to lead to job creation for Bermudians.

How do we generate economic activity to develop these jobs? What is Bermuda’s value proposition? Why would businesses that sell their goods and services outside of Bermuda want to operate here?

In a very complex world, one advantage Bermuda has is its ability to be quick and nimble to react to the changing needs of businesses, and to enact new and appropriate legislation in response. This “speed to market” was one reason that Bermuda became, and continues to be, a leader in the global reinsurance market.

The same recipe can work for fintech.

Are there risks to Bermuda being quick out of the gates on fintech or any other emerging market? Absolutely.

The legislation needs to be carefully drafted, regulation needs to be robust, and best business practices need to be developed and implemented in alignment with other industries operating out of Bermuda.

Bermuda has earned a reputation as a centre of excellence for international business. Maintaining our high standards as a leading international offshore jurisdiction is critical for Bermuda — and for all Bermudians.

John Wight is the president of the Bermuda Chamber of Commerce

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