Politics

Caribbean interest in Bermuda fintech

  • Delegates to the 39th meeting of the Conference of Heads of Government of the Caribbean Community (Photograph supplied)

Bermuda has been invited to collaborate with Caribbean jurisdictions aiming to promote fintech.

David Burt, the Premier, made a presentation on the subject to the Conference of Heads of Government of the Caribbean Community in Jamaica on Friday.

Progressive Labour Party MP Christopher Famous, who also attended the three-day meeting, said: “Bermuda was applauded for the pioneering regulations.

“Many have asked for future collaboration with the Government of Bermuda offering to share knowledge and experiences in establishing similar frameworks and regulations.

“Of key importance was the offer from the Government of Bermuda for information sharing on taxation, governance, financial compliance and other service issues.”

Mr Burt said: “We reviewed our progress to date, encouraged regional collaboration, discussed how regtech can assist with the challenges of the cost of compliance, and recognised the progress being made by the Governments of Barbados, St Lucia and Bahamas in this space.

“We also discussed how distributed ledger technology more generally can assist with challenges in servicing citizens and increase government efficiency in areas of healthcare, social insurance and licensing.

“The presentation was welcomed by the conference, and there will be future collaboration.”

The Premier added that he had invited Caricom CEO Irwin LaRocque to visit the island for the first time.

Mr Famous added that Government was pushing for more educational opportunities through its Caricom connections.

He said: “The Government of Bermuda has scheduled discussions with the vice-chancellor of the University of the West Indies to determine how more Bermudians can take advantage of what that institution has to offer.”