27/04/23

BERMUDA: ‘Pivotal’ fintech adviser will not be replaced, says Government.

As published on royalgazette.com, Thursday 27 April, 2023.

The role of fintech adviser to the Premier will not be filled after the departure of Denis Pitcher from the post, the Government said.

The announcement comes despite Mr Pitcher being described by the Government as “pivotal” in Bermuda’s ambitious push to secure a bigger slice of the lucrative financial technology market.

Mr Pitcher, who has served as a consultant for the Economic Development Department, played a central role in setting up the fintech unit and promoting new business technology in Bermuda, the Government said.

A spokeswoman said: “There is no plan to replace the role of fintech adviser that Mr Pitcher held.

“The EDD has been managing the development of Bermuda’s fintech ecosystem through the post of fintech analyst, and that work will continue.”

The Government said that the lack of a dedicated fintech adviser would not adversely impact on Bermuda’s drive to expand in the sector.

The spokeswoman added: “Confidence in Bermuda as a fintech jurisdiction is high, especially following the recent announcement by Coinbase, the largest cryptocurrency exchange in the US.

“The global cryptocurrency exchange made international headlines when it had obtained a Class F Licence under the Digital Asset Business Act from the Bermuda Monetary Authority.

“Mr Pitcher stepped down from his role as an unpaid adviser to the Government last month, and, as stated, his service to the country was valuable and is appreciated.

“The public officer who was acting in the post of fintech analyst within the EDD left his post at the end of March to pursue another opportunity.

“While recruitment is under way to fill the fintech analyst post, the EDD is in the process of securing assistance from Penrose Partners, who has worked with the EDD in the past with fintech education and is familiar with Bermuda’s fintech ecosystem.

“Their role will be to fill the short-term need to assist with the influx of interest in Bermuda following the Coinbase announcement while a full-time replacement for the fintech analyst post is found.”

According to a post Mr Pitcher made on social media, he left the position with the Government of Bermuda more than a month ago, citing business commitments for the decision.

Formerly an independent commentator on the emerging industry, Mr Pitcher joined the EDD in 2019, coming from a career in software as a founder of the firm resQwest.com.