Bermuda: Safe Haven for FinTechs

BFSI News

Bermuda-Safe-Haven-for-FinTechs Bermuda: Safe Haven for FinTechsIn a recent set of events, Signature Bank, a full-service commercial bank headquartered in New York, is going all out, providing a complete set of full-fledged banking services in Bermuda.

The bank is offering a lending hand to Bermudian licensed fintech companies, as part of the Bermudian effort to up the country’s regulation, developing a regulatory framework to aid fintechs in the region.

According to David Burt, Premier of Bermuda and MP of the Progressive Labour Party, the Bermudian government is leaving no stone unturned in its efforts to promote Bermuda as “the destination of choice” for fintech companies.

Adding further Burt said that “Signature Bank’s willingness to consider Bermuda licensed businesses for banking services is a significant vote of confidence in and endorsement of Bermuda’s efforts to create a leading high standard regulatory regime for fintech business”.

The bank, being an early party into the digital asset management space, is currently focusing on extending its support to “highly regulated players in the fintech and digital assets industry”. Furthermore, the Signature Bank was the first to launch a NY regulator-approved blockchain-based money management platform. On the same line, announcing a similar initiative JP Morgan later introduced the JPM Coin.

Speaking on this context Joseph J. DePaolo, president and CEO at Signature Bank, elaborates: “Since launching at the start of the year, our blockchain based Signet system has onboarded multiple clients who are using it to send each other millions of dollars. Signature Bank is one of the few banks in the US that will provide deposit accounts and corporate debit cards to cryptocurrency start-ups but we are seeing non-crypto businesses signing up as well.”