Home grown help for Bermuda’s fintech future – The Royal Gazette

Sean Stapley, partner and head of ventures at Penrose Partners, a firm of founders, innovators and industry researchers that advises emerging technology startups, multinationals and governments on blockchain adoption (image supplied)

The Bermuda partner and head of ventures for a blockchain-centric advisory firm is focused on ensuring Bermuda succeeds in its fintech ambitions as he builds his Toronto-based consultancy.

The government has welcomed his efforts, as pieces are put in place to fulfill the prime minister’s vision of a fintech future for the island.

Authorities have pushed legislation through parliament, with bipartisan support, to cut red tape for companies licensed under the Digital Assets Business Act.

Sean Stapley is mindful of the greater good for a Bermuda well located within a new, emerging digital-based economy.

In partnership with 3iQ Corp and the government’s economic development department, his global blockchain advisory firm hosted the fourth annual international technology summit in Bermuda in April.

One of the stated goals was to explore how the island’s regulatory and sandbox environment provides a perfect base of operations for blockchain-enabled companies.

And special attention was given to how innovators are using these technologies to fight climate change and build a more sustainable future.

While here, The Royal Gazette business reporter Duncan Hall interviewed Mr Stapley on camera, who said Bermuda had developed a reputation as the place to be for blockchain or digital asset-based firms.

Days later, on a train to Toronto, he reflected on how things had changed for him since he left the island for McGill University and an economics degree.

He proudly told us: “I was born in Bermuda and grew up here until I moved away at 18 for university, so this island will always be home to me.”

Today, his team at Penrose works closely with the Bermuda government, international companies and local entrepreneurs to help them understand and prepare for the ways technology is changing the world.

He stated: “From day 1 of Penrose, we have always been focused on driving education and community first, and we want to ensure that as Bermuda establishes itself as a world leader in emerging technologies such as digital assets, local community members will benefit each step.

“Looking to the future, I am excited to explore advances across renewable energy, CleanTech and circular social societies, particularly as Bermuda is a tight-knit island nation.

“I believe that these areas have the potential to create real positive impact for the island and its people, while contributing to a more sustainable future for us all.”

International Tech Summit ’23, held in April, brought together leaders, regulators and innovators from around the world to explore the latest breakthroughs in digital assets and blockchain technology (photo attached)

Penrose is focused on driving breakthrough innovation in the digital assets industry by bridging three integral stakeholders: startups, enterprises and investors.

By building and strengthening relationships within these groups, Penrose seeks to help shape and scale innovative blockchain startups into high-caliber technology companies.

In an increasingly regulated society, artificial intelligence and related new technologies are putting pressure on the authorities to keep up.

It has led to conversations from powerful and influential voices to snooty AI.

Some of the biggest names in technology are calling on artificial intelligence labs to stop training the most powerful AI systems, citing profound dangers to our society and humanity.

Mr Stapley commented: “As new technologies develop, it will always be important to prioritize the well-being of citizens, through fair, firm regulation as we have seen with the Bermuda Monetary Authority and their approach to digital asset regulation.”

But he said that just as children born in the 1990s saw the internet become a part of everyday life, new emerging technologies such as digital assets and artificial intelligence are likely to become more common and accepted as the technology matures.

He said: “For the average citizen, some major improvements that I am excited to see include the opportunity for more personalized (and efficient) healthcare and education.

“For example, AI-powered systems can analyze vast amounts of data to provide accurate treatment and recommendations beyond what is possible today, or even to create personalized health plans designed for each individual, regardless of age, race or background.

“Another possibility is that these technologies can adapt teaching materials to each child’s learning style, taking some of the burden off teachers and allowing them to engage more directly with children to support their overall growth.”

Mr Stapley said: “With an abundance of self-learning resources available today, including platforms such as YouTube, Khan Academy, Masterclass and more, the emphasis of education systems should shift towards encouraging children to become lifelong learners who remain adaptable to future technologies.

“It is essential to equip students with a wide range of skills, including critical thinking, problem solving and creativity, to prepare them for jobs that do not yet exist.

“Part of why this is exciting is that as AI continues to replace parts of many traditional jobs, it will allow people to focus more on what really interests them, and hopefully lead to more fulfilling careers and lives.”