Government tables fintech strategy
Further incorporating technology into finance is a goal of Government for the next two years, and includes the development of a digital identity framework.
In the House today, Labour and Economy Minister Jason Hayward tabled the Bermuda Fintech Strategy 2026-2028.
He calls it a “comprehensive roadmap to firmly evolve Bermuda’s financial technology ecosystem”.
“This is not a theoretical exercise”, the Minister says, “and it is not just a plan on paper.”
“We are already seeing digital onboarding become a reality in local banking, for instance. Also, the Government is already working with partners to modernise payments”
The strategy states that Bermuda’s reputation in financial services and regulation in digital assets makes it a prime location for global fintech companies.
Minister Hayward says the strategy is about attracting investment, helping Bermuda compete globally, ensuring strong data protection and providing regulatory clarity, as well as consumer protection, and compliance.
He adds that the three strategic pillars of the Fintech Strategy are a progressive and agile regulatory environment, innovation growth and capacity building, and international collaboration and market access.
Insuretech will be a focus, building on Bermuda’s established global reputation in the space, along with a digital identity framework.
Digital ID is touted to ensure secure and efficient identity verification for claims processes.
It is stated that the Bermuda Monetary Authority is finalising regulation for Digital Identity Service Providers.
Timelines for implementation of the Strategy are not included, and Benchmarks are to be identified during the first steps.
View the Strategy and the Minister’s statement below.
