Thanks to amendments that the government plans to make to the Banking Act, Bermuda is to become a new destination for fintech innovation.
As it has been announced, the Government of Bermuda plans to make amendments to the Banking Act.
The amendments are to be made with a view to establish a new class of banks that provide services to local fintech and blockchain organizations.
After local banks began refusing to provide their services to the companies working in the sphere of blockchain and fintech, the officials in Bermenda have taken a decision to review the Banking Act.
In other jurisdictions, banking has been the greatest challenge and for us in Bermuda, it is equally so and therefore it must be resolved,” he added.

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