Government insists Premier does not have fintech adviser – The Royal Gazette

Created: May 2, 2023 07:29

Kerem Kolcuoglu (second left), with David Burt, the premier, (photo supplied)

The government has moved to end the confusion over whether or not the prime minister has a fintech adviser.

The crackdown came after a digital consultant claimed he was serving in the post despite the government insisting the former holder of the post was not replaced.

Kerem Kolcuoglu, founder of Penrose Partners, described himself as David Burt’s financial technology advisor at an event, and has also done so online.

Burt has stated that he aims for Bermuda to win a bigger share of the lucrative financial technology market.

In a tape of a business Q&A session he participated in, Kolcuoglu said: “Part of my day job is to fill in while Premier runs between meetings.

“I’m the fintech advisor to the Prime Minister’s Office and the Economic Development Department of the Bermuda Government, so my primary role is to keep the premier connected with the fintech industry.

“And within that fall the digital asset and blockchain sectors, so I’m also the managing partner and founder of Penrose Partners.

“We work specifically in the digital asset industry as a consulting firm and we have worked with several governments around the world, primarily on community and education initiatives, as well as engagement with the private sector.

“We are based in Canada and in Bermuda and welcome many of the businesses that are making the transition from North America or from Europe to Bermuda and help them integrate with the local digital asset industry in Bermuda as well as interact with the government and have a clear understanding of our local digital asset regulations in Bermuda.”

Referring to the event he was speaking at, Kolcuoglu said: “So, I will support the prime minister in this discussion if some rabbit holes are explored too deeply.”

The comments came despite the government saying that the former fintech adviser to the government, Denis Pitcher, would not be replaced.

The announcement was made as Mr Pitcher was hailed by the government as “central” to Bermuda’s ambitious push to increase its stake in the technology market.

Referring to Kolcuoglu’s statement, a government spokeswoman said: “He mistakenly referred to the ‘fintech adviser to the prime minister’s office’.”

The spokeswoman added: “The role held by Mr Denis Pitcher will not be filled. There is no discrepancy.”

The government had stated that it was seeking to replace a fintech analyst after the previous job holder left in March, and that the successful applicant would be able to lead the development of the sector.

A government spokeswoman said: “While recruitment is ongoing to fill the fintech analyst position, EDD is in the process of securing assistance from Penrose Partners, who have worked with EDD in the past on fintech education and are familiar with Bermuda’s fintech ecosystem. .

Mr. Kolcuoglu told The Royal Gazette: “I incorrectly displayed the title “fintech Advisor @Premier’s Office” for the Twitter room session.”