A CELEBRATION OF TECH AND FINTECH INNOVATION

THROUGHOUT THE YEAR, BERMUDA CELEBRATES INNOVATION ON ALL FRONTS THROUGH THE DEPARTMENT OF ECONOMIC DEVELOPMENT (EDD).

IN ADDITION to two yearly technology conferences that attract local and international delegates, the island also peppers its annual calendar with various technological celebrations. Both yearly conferences are sponsored by the EDD and bring to Bermuda thought leaders in tech and fintech who gather to discuss the industry, significant innovations, and what it means for Bermuda and the world. These significant events are anchors for much more buzz happening throughout the year.

The annual TechAwards have recognised Bermudabased innovators since 2007. Every year, nominations are placed by the public and evaluated by judging panels composed of leaders in fintech and technology.

The 2022 TechAwards reception saw the celebration of various innovators, including:

Mobile App of the Year:

First Place: Clarien Bank;

Second Place: Whip Rideshare

Local Innovation of the Year:

First Place: Edu Coach;

Second Place: Deals –Isle of Devils

International Innovation of the Year:

First Place: Cactus Ltd.; Second Place: Fit to Fly BDA

Youth Programme of the Year:

First Place: Bermuda Institute of Ocean Sciences; Second Place: Connectech Coding Robotics Club

But wait, there’s more… Innovation can come from the unlikeliest places, so the EDD leaves no stone unturned, looking for creativity in schools as well. The Reverse Pitch competition invites high schoolers to solve specific challenges and present their tech solutions to a panel of fintech and technology industry judges.

The 2022 Reverse Pitch competition required school teams to solve the year’s Challenge #2, Automated Cooling Fan: “How can my fan come on and off depending on the temperature in the room?”

An industry professional was assigned to each team as its mentor, assisting with industry knowledge, problem-solving methodologies, and project management skills. In the end, the Somersfield Academy team walked away with the first prize, whilst the Berkeley Institute team walked away with the second.

These are a few examples of Bermuda’s busy tech and fintech calendar, enriched with the podcast. Now in its second season, the podcast aims to demystify fintech, its core concepts, and its importance for Bermuda.

Globally and locally, fintech is rapidly growing; and in doing so, it is introducing notable changes in the local economy and impacting conversations about it. Terms such as “cryptocurrency” and “blockchain” are now commonly thrown around as part of everyday parlance. The Fintech Fridays podcast, presented by the EDD, understands that it is increasingly important for Bermudians to be well acquainted with and knowledgeable about fintech and how it could benefit the island and the local consumer in more ways than one; and every episode is produced with that very thought in mind.

You can follow and subscribe to the Fintech Fridays podcast on YouTube and any major podcasting platforms, including iTunes and Spotify.

Bermuda Is Safe

Bermuda’s economy is secure, and the jurisdiction is witnessing new investment and company incorporations across all sectors.

In addition, Bermuda’s legal system enjoys a trusted history. More than 400 years old, Bermuda’s court system can claim the distinctive legacy of having the oldest unbroken British roots outside the British Isles, a legacy grounded in English common law with recourse all the way as London’s Privy Council. More leading global law firms are setting up offices in the jurisdiction in recent years, joining established legal powerhouses.

Combined with its stability and convenient location, Bermuda’s continued relevance in an era of change can be attributed to the same fundamental principles that have underpinned its development as a blue-chip jurisdiction for the last 70 years.

What does that mean to the rest of the world? Bermuda represents a significant role in the rebuilding of cities and communities after the world’s worst disasters. Bermuda’s reinsurers, for example, paid nearly a third of insured losses from Hurricanes Katrina, Rita, and Wilma in 2004–2005; a quarter of Canada’s Fort McMurray, Alberta, wildfires losses in 2016; more than half of New Zealand’s 2010 earthquake liabilities; and a whopping 62 percent of the U.K.’s largest peacetime fire and explosion — the Buncefield oil-terminal fires of 2005.

In a more recent example, Bermuda paid a third of the estimated $100 billion losses from 2017 Hurricanes Harvey, Irma, and Maria and is estimated to pay as much as 25 percent of the industry losses related to Hurricane Ian in 2022. Bermuda insurers also make up a quarter of America’s medical liability insurance and reinsurance market.

Also, in the past decade, the island’s track record as a catalyst for change in the industry has continued, with the rise of alternative risk financing via “cat” bonds, ILS, and other financial instruments merging insurance with capital markets. Today, Bermuda has the largest depository of ILS listings with more than 90 percent of global capacity.

Bermuda Means Quality

Against a stunning backdrop of pink-sand beaches, turquoise waters, and pastelcoloured buildings, Bermuda’s safe and sophisticated island lifestyle is perfect for families as well as corporate relocations.

Bermuda is an attractive and sophisticated island with a lifestyle to match. A welcoming culture, stunning natural beauty, first-rate schools, top-tier healthcare, sports, an enriching arts and cultural scene, and a UNESCO World Heritage Site all help to create one of the highest standards of living in the world.

Thus, the territory provides an enviable environment for those who live here, whilst its pro-business culture and gold-standard regulatory regime offer global businesses a world-leading platform for commercial growth and innovation.

Moving To Paradise

People choose to relocate here for many reasons, including attractive work opportunities, safe living conditions, overall quality of life, and, of course, the island’s incredible natural beauty. For most people who relocate to Bermuda, it’s their employer that takes care of the work permit logistics. Non-Bermudians are required to have a government work permit to work on the island, and employers may apply for Standard Work Permits of one, two, three, four, or five years (with options for renewal). For more information, go to www.gov.bm/online-services/get-standard-work-permit. Once your work permit’s been secured, you can finally start settling into island life.

If you are interested in setting up shop here, Bermuda Business Development Agency’s (BDA) dedicated concierge staff is here to help connect you with everyone you need. Visit www.bda.bm/concierge-business-services for more information or email info@bda.bm to start doing more business in Bermuda.