The New York-based commercial bank named Signature Bank is in the latest digital currency news for offering its financial services to fintech firms in the island nation of Bermuda, according to the local news from the daily Royal Gazette outlet on February 28th.
As the source notes, banks in Bermuda have avoided dealing with the fintech industry which is in constant need of financial services.
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However, the Bermudian Premier David Burt recently said:
“Signature Bank’s willingness to consider Bermuda-licensed businesses for banking services is a significant vote of confidence in and endorsement of Bermuda’s efforts to create a leading high standard regulatory regime for fintech business.”
A new government announcement stated that the Signature Bank “has agreed to provide a full range of banking services to companies that meet the Bermuda and Signature Bank standards.” According to the Vice-Chairman of Signature Bank John Tamberlane:
“We are impressed with the progress Bermuda has made to date on a regulatory front, and look forward to working with the Government of Bermuda to help promote growth and expansion of the fintech and digital asset industry in that country.”
Bermuda has meanwhile overhauled the regulatory frameworks in order to regulate crypto, blockchain and fintech businesses.
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