Not a single penny has been paid into a fund that promised to train Bermudians for careers in financial technology, Parliament heard yesterday.

David Burt, the Premier, told MPs that no money had been paid into the Fintech Development Fund so far.

Mr Burt explained: “We do have commitments that have been made by companies in Bermuda which have recently been approved to operate.”

Mr Burt added: “We will be making those announcements in the near future. Those persons have asked for us to wait for the time being, but I have received the commitment for $100,000 to be given to that fund on Monday.”

Mr Burt was speaking at Premier’s Questions in the House of Assembly.

Parliament approved creation of the fund to raise cash from partner companies to support education and training related to the fintech field in 2018.

Cryptocurrency firm Arbitrade pledged in 2018 to donate $1 million to the Government for a fintech incubator site.

Jeanne Atherden, a One Bermuda Alliance backbencher, said that Arbitrade had been touted as a company to launch a cryptocurrency exchange and train Bermudians for 400 jobs on the island.

She added that Victoria Hall, on Victoria Street in Hamilton, had been bought as the company’s base.

Ms Atherden said: “To date, there have been no jobs announced and the building remains empty.

“I’d like the Premier to indicate what went wrong and why has this not occurred.”

Mr Burt said that he did not believe that Arbitrade had been granted a licence by the Bermuda Monetary Authority.

Ms Atherden asked Mr Burt if he knew why the company had not been given a licence.

Mr Burt said that there were “firewalls” in place between the BMA and the Government.

He added: “All I can tell you is that the company name does not have a licence issued under the BMA.”

Michael Dunkley, another OBA backbencher, asked whether Arbitrade or any affiliated companies had been granted licences, by the Government or the BMA, to conduct any type of business in Bermuda.

Mr Burt said: “I don’t believe the answer is yes.”

He added: “To the best of my knowledge, I do not know, but I am not aware of what other associated companies someone may have.

“What I do know is that Arbitrade has not been granted a licence by the BMA to conduct digital asset businesses in Bermuda.”

The Premier said that he was “uncertain” whether property taxes were up to date on Victoria Hall. Mr Burt added: “I’m happy to ask the Minister of Finance.”

Arbitrade took control of the seven-floor office block in October 2018.

It acquired it through an amalgamation with a Bermudian company — but has not been occupied since.

The company told The Royal Gazette this week: “Arbitrade is considering options to either partner with strategic parties for the purpose of promoting blockchain development or to dispose of the property to a similar strategic party.”

The Royal Gazette also asked the company, whose website is no longer active, if it was still in business.

The company said in an e-mailed response: “With ongoing delays in mining and the suspension of initial coin offering application, the company is considering all options.”