Canada can learn from Bermuda ‘leading the way’ in fintech – The Royal Gazette

Created: 28 January 2023 07:58

Bermuda’s fintech plan could lead Canada in its approach to the industry, the country’s New York-based acting consul general said.

André Frenette added that Bermuda is “leading the way” in the sector – a feat that was inspiring.

Mr Frenette said: “I grew up in a very small town in southern Ontario that had a larger population than Bermuda – 65,000 people.

“And yet you lead in the insurance industry, in the fintech industry, in climate change, and the GDP per capita is one of the highest in the world.

“You are doing great things here in Bermuda.”

André Frenette, Acting Consul General of Canada in New York (Photo by Akil Simmons)

Mr Frenette, who arrived on the island on Monday, was speaking during a three-day visit to Bermuda.

He came to talk to the government about how the two countries could improve relations.

Mr Frenette said it was important for Canada and Bermuda, who he described as “close friends”, to strengthen their economic ties together, especially in difficult times.

He explained that the Covid-19 pandemic shattered the global economy and highlighted economic disparities that severely affected people during the crisis, saying the war in Ukraine only added to political and economic problems.

Frenette said that in these times it was important to keep each other’s economies afloat while offering humanitarian aid.

He said: “One of the devastating consequences of the war between Ukraine and Russia, and of course the pandemic, has been a disruption in supply chains.

“How well are we working together to ensure that, for example, companies here in Bermuda are able to identify suppliers that they need just north of Canada?”

Mr Frenette added: “The Russia-Ukraine crisis has caused huge disruption to the world economy, as well as being an illegal war it has created a humanitarian crisis the likes of which we have not seen for a very long time.

“Countries like Canada, places like Bermuda and friends of the Commonwealth are coming together to not only impose sanctions on Russia, but also to support Ukraine in its fight against Russia.”

Frenette said he admired Bermuda for its progress towards an “inclusive economy” where people of different skills and backgrounds could participate.

He added: “That’s exactly what Trudeau is [Canadian] The government is trying to achieve in Canada.

“It will lead us down a path of diversity, inclusion and human rights, and what that means in terms of not only building an economy that works for everyone, but also building a democracy where everyone can participate.”

Frenette said Bermuda and Canada would benefit most from sharing ideas in the future on how best to get rid of inequality at an economic and social level.

He said: “Justin Trudeau [the Prime Minister of Canada] and the Trudeau government is very committed to this and it is my understanding that [David] Burt Government is also looking at this.

“It’s worth asking how we can exchange these ideas and learn from each other.”