Bermuda Tech Summit Showcases Island’s Innovation and Connects Global Tech Leaders

The Bermuda Business Development Agency’s (BDA) first in-person Bermuda Tech Summit since 2019 was hailed a great success. The fourth annual Bermuda Tech Summit was presented by the BDA, in partnership with government’s Economic Development Department (EDD) and FinTech industry association, NEXT Bermuda.

The immediate economic impact of this event at the Hamilton Princess Hotel from October 26-28, which had over 300 delegates (nearly 80 from overseas) including lodging, transportation, food and beverage, retail and recreation was estimated at $527,000 and supported 115 local jobs.

Fiona Beck, independent director and BDA board member, who led a conversation with SailGP at the Bermuda Tech Summit said, “The BDA continues to inspire, and the energy from SailGP for Bermuda was exciting to see. They are true world leaders in innovation and sustainability for sailing and they describe Bermuda as a pinnacle location, both on and off water. We are fortunate to have such committed partners.”

John Narraway, NEXT Bermuda, Founding Committee Member said, “This year’s summit is a realisation of several years of focused and collaborative effort to build momentum in the technology and digital assets space. We are witnessing the growth of new jobs as our member companies scale-up their local operations, hiring experienced Bermudians transitioning from the traditional finance world to take on roles in areas such as compliance, risk management and human resources.”

Denis PItcher, Chief FinTech Advisor, Government of Bermuda said, “The BDA has done an outstanding job of pulling together an excellent, engaging and well attended Tech Summit despite the global downturn in traditional and digital asset markets. The attendance and feedback of the event confirms that FinTech continues to have strong momentum and growth ahead which matches the strong pipeline of digital asset business, insurers and funds that are looking to get licensed in Bermuda.”

Dan Thomson, CMO, InsurAce said, “We did not know what to expect from the Bermuda Tech Summit, but we have been blown away by the incredible hospitality and innovation shown by local government, businesses, and individuals. InsurAce has been looking for a regulatory framework that fits with our future vision and we are delighted to be exploring the opportunity to build our business in Bermuda. We cannot wait to come back.”

David Hart, BDA CEO said, “On behalf of the BDA, I want to thank our partners, sponsors, speakers and engaged guests for making this such an incredible Tech Summit that showcased Bermuda's dynamic and growing tech sector and innovation leadership.”

Without the generous support of our sponsors: Hub Culture, RELM, Appleby, SailGP, Carey Olsen, Jewel Bank, Walkers, and Bittrex Global; as well as Apex, Blockchain Triangle, Bloktime, Clarien, Chainproof, Coinzoom, Global Policy House, Hive, and 24 Exchange, we could not put on this in-person event. Our spirits partner was Goslings.

Day one’s keynote fireside chat with Bermuda’s Premier and Minister of Finance, The Hon. David Burt, JP, MP and Michael Casey, Chief Content Officer, CoinDesk, was followed by a regulatory panel, a crypto lending and yield products panel, a NEXT Bermuda case study, a digital banking panel and a funds panel. Day one was rounded off with a SailGP welcome reception on the Regency Terrace.

Day two began with a conversation with SailGP, and was followed by a digital identity panel, a capital formation in a bear market panel, conversation about Non-Fungible Tokens (NFT), a (re)Insurance reimagined panel, and concluded with a panel entitled: ‘Is the Price Right for Trust and Liquidity?’

The final day began with an ‘ESG and DABs’ panel followed by a panel dealing with ‘Out of this world infrastructure’, a panel ‘Building and Nurturing a Sustainable Tech Ecosystem,’ and a panel about cyber security and concluded with a discussion about the future of technology. The wrap party sponsored by RELM Insurance featured live music and signature cocktails at the picturesque Fort Hamilton.

“The EDD’s Tech Education Day and TechAwards will be held 31 October, following which Bermuda Tech Week 2022 will officially come to a close,” Mr. Hart said. “The BDA looks forward to building on our success and bringing back an even better event in November 2023.”

NOTE TO EDITORS

Launched on June 10, 2022, ‘NEXT’ is Bermuda’s first digital asset business industry association. At launch, NEXT Bermuda was comprised of 14 companies fully licensed and regulated by the Bermuda Monetary Authority, including: Apex Group, Bittrex Global, Blockfi, Blockchain Triangle, Blockwrk, Circle, CrossTower, Ensuro Re, Jewel Bank, NAYMS, Relm Insurance, Stablehouse, XBTO and 24 Exchange.

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