Burt points to past reinsurance success for future Bermuda innovation
Premier and Finance Minister David Burt has said that Bermuda’s past success in reinsurance innovation has given it an edge when it comes to expanding its economy into new economic areas.
Speaking at a press conference on Monday February 19 to discuss the recent budget, he said: “For decades Bermuda has lead innovation in reinsurance by being agile and quick to serve market demand. Just as on-island creativity and leadership guides an industry that produces globally influential companies, our Island can also attract and develop the human resources and technology to launch a vibrant, new economic sector.”
He then added that: “We are creating legislation to lead the ‘digital’ currency revolution; and we are ensuring that innovators who want to develop the latest financial technologies (FinTech) will find a jurisdiction that rewards innovation. With a view to the future, the Budget allocates funds for the application of Blockchain technology in our land title register so that we can be an example to the world.”
According to Burt the Bermudian Government intends to attract companies to the Island whose investment in Bermuda will create jobs and show why Bermuda’s greatest asset is her People.
The budget will be debated over the next month or so, with more detail about the Government’s plans being revealed, until full implementation occurs on April 1.
