The Government has announced a new fintech strategy after the number of sector companies “surged” from 23 in 2020 to 72 by the end of 2023.

Jason Hayward, Minister of Economy and Labour, said one key plank was that the Government intended to ensure that Bermuda had a progressive and agile regulatory environment.

It was one of the five pillars of the strategy that would be important to Bermuda’s digital future, he told delegates at the International Tech Summit 2024.

He said the new strategy also included fostering an innovation ecosystem; ensuring international collaboration and market access; facilitating incubation, investment funding and entrepreneurial programming; and investing in talent development and education.

He said: “The vision for fintech in Bermuda extends far beyond today’s current ecosystem.

“It is a vision that moves fintech from the fringes of society to becoming the bedrock of daily financial activities and interaction."

Mr Hayward said: “From a licensing perspective, Bermuda is now home to 28 DABA-licensed companies, an increase that reflects the confidence the global community places in our jurisdiction.”

He said this growth indicated Bermuda’s strength and commitment to fostering high-quality innovative financial services.

Mr Hayward said Bermuda had been at the helm of fintech innovation, driven by a strong legislative framework, starting with the pioneering Digital Asset Business Act of 2018.