The Premier today announced the signing of another memorandum of understanding designed to build Bermuda’s financial technology industry.

David Burt said the agreement involves B-Seed Partners, FinHigh Capital, a South Korean fintech firm, as well as BFS Holdings, Ltd from Britain.

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

He said the investment would be worth “up to $10 million”.

Mr Burt added: “The MOU we signed today sets out our agreement to work collaboratively towards that goal.”