Canada could learn from Bermuda which is ‘leading the way’ in fintech – The Royal Gazette

Created: Jan 28, 2023 07:58 AM

Bermuda’s fintech plan could direct Canada in its approach to the industry, the country’s New York-based Acting Consul-General said.

André Frenette added that Bermuda was “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 bigger population than Bermuda — 65,000 people.

“And yet, you are leading the way in the insurance industry, in the fintech industry, in climate change solutions, and your GDP per capita is one of the highest in the world.

“You are doing great things here in Bermuda.”

André Frenette, Canada’s Acting Consul-General in New York (Photograph by Akil Simmons)

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

He came to talk to the Government on how the two countries could improve their relationship.

Mr Frenette said that it was important for Canada and Bermuda, which he described as “close friends”, to strengthen their economic ties together, particularly during troubling times.

He explained that the Covid-19 pandemic fractured the global economy and highlighted economic disparities that gravely affected people during the crisis and said that the war in Ukraine only added further political and economic problems.

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

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

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

Mr Frenette added: “The Russia-Ukraine crisis has caused tremendous disruptions in the world economy, in addition to the fact that it’s an illegal war that has created a humanitarian crisis that we have not seen in 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.”

Mr Frenette said that he admired Bermuda for its stride towards an “inclusive economy” where people with different skills and backgrounds could participate.

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

“That 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 in.”

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

He said: “Justin Trudeau [the Prime Minister of Canada] and the Trudeau Government are very committed to this, and it is my understanding that the [David] Burt Government is looking into this as well.

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

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