Partner Natalie Neto and associate Rachel Nightingale have provided legal commentary to Chambers and Partners on the key issues and developments in Bermuda's FinTech market.
Since the announcement of its FinTech strategy in November 2017, the Bermuda Government has sought to position Bermuda as a market-leading jurisdiction with respect to FinTech, with a view to Bermuda operating as an innovation hub for businesses seeking to conduct operations utilising new technologies or to deploy new technologies to provide services and solutions for other business sectors.
The Bermuda Government, along with Bermuda's sole financial services regulator (the Bermuda Monetary Authority – "BMA"), have taken a collaborative approach and, with the assistance of technical advisers from other pioneering jurisdictions and participation across Bermuda's private industry sectors, have developed a robust and effective but fit-for-purpose legal and regulatory framework that will offer adequate protection for customers and investors while encouraging and fostering innovation.
Bermuda operates one of the largest (re)insurance markets in the world, which itself is a sector that is known for cutting-edge risk solutions and innovative alternative risk structures. The BMA is able to leverage its experience in supervising and regulating companies in the (re)insurance sector (from start-ups to global giants) to build a risk-based, proportionate but flexible regulatory regime that is dynamic and receptive to the needs of digital assets businesses and the rapid deployment of distributed ledger and other technologies.
Reproduced with permission from Chambers and Partners (published in March 2019).
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