Earlier today at Consensus, the Government of Bermuda signed a Memorandum of Understanding (MOU) with Shyft, a blockchain KYC/AML solution. This partnership will build out the island’s regulatory framework and reinforce them as the example to nation states trying to adopt regulation themselves.
Following is the press release:
SHYFT SIGNS MOU WITH THE GOVERNMENT OF BERMUDA, PLEDGES TO INVEST $10M
IN EDUCATION AND ECONOMIC DEVELOPMENT
ST. MICHAEL, Barbados – May 15, 2018 – Shyft (shyft.network) today announced that it has signed a Memorandum of Understanding (MOU) with the Government of Bermuda, led by the Premier of Bermuda, the Hon. E. David Burt, JP, MP. This is part of the country’s vision to establish Bermuda as the blueprint for leveraging cryptocurrency and blockchain technology within a highly regulated progressive framework with emphasis on strong Know Your Customer (KYC) and compliance. Recognizing that Bermuda is becoming a pioneer for technology in the modern world, Shyft has pledged to support local blockchain-based initiatives and build local capacity in the areas of education, job creation and repatriation of Bermuda’s international Workforce.
“The Government of Bermuda has decided to lead the way and build interoperability into the government legislation, in essence, approach regulatory frameworks with exportability in mind. This is our Bermuda jurisdiction as a service, the high level of exportability ‘stack’ that includes technology, regulation, process and protocol that we have built with assistance and commitment of modern companies like Shyft with expertise in handling KYC and Anti Money Laundering (AML) compliance. As a result, the country is able to accelerate economic growth, create jobs and attract global interest,” says Premier David Burt. “We’re leading the world in digital assets regulation, there’s no other country that provides comparable certainty and progressive regulatory Environment.”
“We’re thrilled to announce our investment in Bermuda,” says Shyft Chairman Joseph Weinberg. “Shyft has an ambitious objective of building a global digital identity ecosystem that gives all citizens the opportunity to participate. We have a goal of leveraging new technology to make positive and inclusive change. We have found a similar intent and aspiration with the Government of Bermuda.”
MOU Terms and Highlights
Pledge to invest up to $10M USD over three years to support the people and government of Bermuda, create new jobs, help re-skill labour, invest in local businesses, education and infrastructure, as well as help repatriate skilled labor back into the country;
Collaborate with the Government of Bermuda and all necessary oversight agencies in the development and improvement of a robust legal and regulatory framework; and
Through the Department of Workforce Development, support the training of Bermudians in blockchain technology and software development.
Shyft is thrilled to support Bermuda’s vision of leading the world in digital asset regulation by leveraging Shyft’s expertise in KYC/AML and blockchain-based identity verification.
As a testament to its strong belief in Bermuda’s position, Shyft has also announced a separate MOU with global data rights company, Trunomi, which was founded in Bermuda. Together, Shyft and Trunomi plan to leverage Shyft’s blockchain technology with Trunomi’s expertise in consumer consent frameworks to support Bermuda in its vision by implementing an innovative e-ID (electronic ID) framework.
Individuals and enterprises looking to leverage Bermuda’s world-class regulatory framework will not be limited by nationality or geography. The e-IDs that are issued will be globally interoperable, enabling entities to transcend borders and operate globally. “I’m proud to announce that as a result of this partnership and its strong synergies, entrepreneurs, enterprises, and blockchain companies all over the world will be able to leverage Shyft and Trunomi technologies to launch new products and services in Bermuda and globally,” says Bruce Silcoff, Shyft International CEO.
Shyft CEO Bruce Silcoff and Shyft Chairman and OECD Special Advisor Joseph Weinberg are available for interview.
Shyft is building the world’s first modern, secure, multi-stakeholder Blockchain-based digital identity solution that enables KYC/AML attested data transfers. Combining privacy of data with efficiency of attestation, Shyft technology will radically streamline and simplify data collection, reduce cost and minimize the cybersecurity risks inherent in traditional compliance systems, while making the global economy accessible for all, by creating credible reputations for the 3.5 billion consumers who are lacking “identities” by today’s standards. Shyft is building a more financially inclusive future for everyone. If you are interested in working with Shyft and integrating your solution with our platform, please contact us: [email protected]. For more information on Shyft, please visit www.shyft.network.
Trunomi unlocks the power of customer data using consent and data rights management. The Trunomi platform enables businesses to request, record and immutably prove the legal basis for processing personal data and comply with the highest standard in global data privacy laws. For the customer its provides control and transparency over how their personal data is used. The platform is an enabler of the evolving personal information economy and Trunomi provides key enabling technology for a more flexible, transparent, empowered and customer-driven world. Trunomi was founded in 2013, with offices in Silicon Valley, Bermuda and London. Trunomi has filed six patents for their technology and have raised over $13M in Venture Capital funding from three seed rounds (investors include: Saturn Ventures, Fenway Summer, Fintonia, SenaHill, WorldQuant, CloudScale Capital Partners). For more information, please visit www.trunomi.com
To learn more about Bermuda’s fintech strategy, please visit fintech.bm