Bermuda creating new class of bank for fintech

Bermuda’s Premier and Minister of Finance, David Burt, announced that Bermuda’s Banking Act will be amended to create a new class of bank that will provide services to Bermuda based fintech companies. The move aims to ensure that fintech companies have access to banking services, and has the support of the country’s financial regulators and the Bermuda Bankers’ Association.  The legislative amendments will allow local and international participants to fill a critical need in servicing fintech companies, Burt said in a statement.

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