Burt: Bermuda is open to innovation

Bermuda is examining every aspect of business carried out on the island as it welcomes investors and other business participants, according to Bermuda’s Premier, David Burt.

Speaking at the Bermuda Executive Forum in London Premier Burt said that the Government of Bermuda is carefully looking at its economy and the way that business is carried out on the Island as it tries to identify those areas where it might do better.

Burt stressed that Bermuda’s small size might make it a minnow compared to a place like London, but that it has the ability to move swiftly into new and innovative areas of business, backed up with what he described as a world-class regulator in the form of the Bermuda Monetary Authority.

He also underlined the importance of education, pointing out that in a world that is becoming increasingly reliant on data and other forms of technological innovation it was important to make the workforce as well-informed and up to date as possible, starting at school.

The creation of sandboxes and other ways to experiment with innovative ways of doing business on Bermuda was also mentioned by the Premier as a way in which Bermuda can raise its profile as a leader in the fintech and insurtech markets.

In a panel discussion with Chris Holmes, Lord Holmes of Richmond, Burt also stressed the links that the Island has with London, another financial centre that is looking at fintech and insurtech in great detail.