Signature bank, A New York-based banking service announced on Fed 28 that it will be offering its financial services to Fintech Firms for the Bermuda Nation, The report was published in the local newspaper “The Royal Gazette”.
According to the news published in the newspaper, The Bank in Bermuda has been avoiding the deals and any kind of agreements with Fintech Companies and specifically those who are in need of financial services. The steps taken by Signature bank to provide financial services to Bermuda’s fintech companies is a significant step taken by the company and is going to help many fintech companies in the country.
According to the report published by the Government officials, It states that the financial services offered by Signature bank are compatible with the government and Signature bank standards and this wide range of services will help many financial firms based in the country.
The problem with the local banks to provide the financial services to fintech firms was mainly because of the Government regulations and limits but in July 2018 the Government removed its Bank and Deposit companies Act 1999 to provide more flexible and clear options for the Blockchain and Fintech Businesses. The Government officials stated that the World is changing and it getting more depended on the financial sector and its necessary for the Countries growth to be able to compile with these changes.
The Government also proposed a new law for ICOs in the same month. The new Regulation proposed by the Government required all new ICO offering companies to provide in-depth information about the company and the project details also information about the team which worked on the project.
The Government stated that after removing certain limits and Acts the Government was successful to incorporate more than 66 Fintech firms in the Country.
Back in December, The New York Department of financial services approved a Blockchain based platform called as signet which was introduced by the Signature Bank.