Signature Bank, a New York-based full-service commercial bank will reportedly commence offering financial services to fintech firms in the island nation of Bermuda. According to the reports, Bermuda banks have mostly avoided dealing with the fintech space which is requiring financial services. The government announced stated that Signature Bank agreed to give various services to companies that meet Bermuda and Signature Bank standards.
Vice-Chairman of Signature Bank, John Tamberlane noted that they are impressed with the progress that Bermuda has made so far on a regulatory front, and looking forward to working together with the Bermuda Government to assist foster growth and expansion of the fintech and digital asset industry in the region. Bermuda has refurbished its regulatory frameworks to house crypto, Blockchain and fintech businesses. Back in July last year, the government amended the Banks and Deposit Companies Act 1999 to develop a new class of bank for Blockchain and fintech businesses. In the same month, the government proposed new laws for Initial Coin Offerings (ICOs), which requests Bermudian ICO issuers to provide detailed information regarding the projects including all persons involved with the ICO.
In last year’s December, the New York Department of Financial Services authorized a Blockchain-based digital platform offered by Signature Bank, known as Signet. In his statement, the bank’s CEO Joseph DePaolo said that the company’s Blockchain-based Signet system has on-boarded a different range of clients who are utilizing it to send each other millions of dollars, 24/7. He further added that his team is currently seeing trades in the millions and tens of millions based on days, with the number of Signet clients in the triple digits.