David Burt, the Premier and Minister of Finance, has congratulated Jewel Bank, Bermuda’s first new bank in 21 years, after the issuance of its new full banking licence and Class F digital asset business licence from the Bermuda Monetary Authority on Monday.

Mr Burt hailed it as a milestone for Bermuda’s fintech industry.

He said: “One of the major headwinds for us attracting more companies to Bermuda, which will create more jobs on island, is the lack of banking services for fintech companies.

“Though there are 15 licensed fintech companies in Bermuda, all of those companies are banked by overseas banks due to the lack of banking access in Bermuda.

“Jewel Bank will fix this problem, and provide a concrete boost for Bermuda’s growing fintech industry by providing core banking, digital asset custody, traditional and crypto-collateralised lending, fiat currency on/off ramps and stablecoin issuance/redemptions.

“Though these are technical words that will not mean much to most citizens, this is a sea change for Bermuda and I couldn’t be more excited.

“Bermuda's fintech journey began in November 2017, when the Government established a cryptocurrency task force that was successful in putting Bermuda on the map for digital asset companies.

“Despite the naysayers, the Government has continued to tell the Bermuda story around the world which has led to a 50 per cent increase in the number of licensed companies this year.

“Jewel Bank being issued with a full bank licence is great news for our digital asset industry.

“The services that they provide will help to accelerate Bermuda’s development in fintech and will support the Government’s vision for digital transformation, economic growth and more job opportunities for Bermudians, with 40 new jobs being brought into our economy in the near term.”

Mr Burt singled out the leadership of the Bermuda Monetary Authority, namely former CEO Jeremy Cox and present CEO Craig Swan, the government’s fintech team and MP Wayne Caines “for the incredible work in believing and supporting the Government’s vision for the development and growth of our fintech industry”.