“A milestone for Bermuda’s fintech industry,” said Treasury Minister David Bert, who congratulated Jewel Bank following the issuance of a new full banking license and Class F digital asset business license from the Bermuda monetary authorities. [BMA]Please note that it is “the new bank in Bermuda for the first time in 21 years”.
“One of the big headwinds to attract more businesses to Bermuda, which creates more jobs on the island, is the lack of banking services for fintech companies,” said Premier. “There are 15 licensed fintech companies in Bermuda, but because there is no access to banks in Bermuda, all of these companies are deposited in banks by foreign banks.
“Jewel Bank solves this problem and grows Bermuda by providing core banking systems, digital asset storage, traditional cryptocurrency lending, fiat on / off ramps, and stablecoin issuance / redemption. It provides a concrete boost to the fintech industry. These are technical terms that don’t make much sense to most citizens, but this is a sea change for Bermuda and I couldn’t get any more excited. ..
“Bermuda’s FinTech journey began in November 2017 when the government established the Cryptocurrency Task Force, which successfully mapped Bermuda to digital asset companies. Despite denials, the government is the world. Continuing the story of Bermuda, the number of licensed companies has increased by 50% this year.
“Jewelbank, with a full bank license, is great news for the digital asset industry. The services they offer help accelerate the development of Bermuda at Fintech, digital transformation, economic growth, and the near future. Forty new jobs support the government’s vision of more employment opportunities for Bermudas in our economy. “
Prime Minister Bert concludes: He has a great job of believing and supporting the government’s vision for the development and growth of the fintech industry. “
“In an uncertain world, Bermuda is doing its best, demonstrating leadership in financial services and signifying the future economic prosperity of Bermuda in the long run.”
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