Created: Apr 18, 2025 08:00 AM (Updated: Apr 18, 2025 08:58 AM)
Kevin Richards, founder and chairman of Bita, at the Bita Thought Leadership Roundtable at the SDG Disruptor Summit in Tokyo in March 2025 (Photograph supplied)
Proponents of an advocacy organisation established in 2022 believes “the adoption of stablecoins is critical” over the next 12 months, as the island pushes forward with its digital transformation.
Kevin Richards, founder and chairman of the Bermuda Innovation and Technology Association, sees the organisation as a voice for the emerging technology industries.
Bita is committed to making the Island the premier jurisdiction for top-tier technology companies and innovative initiatives.
It aims to educate the community on digital assets, Cleantech and other emerging technologies; promote Bermuda as a place for talent and companies to settle; and, encourage inclusiveness, diversity and sustainability.
Stablecoins are digital tokens backed by a reserve asset, such as the Bermudian dollar, offering price stability for everyday transactions. Companies like Circle and Jewel Bank have obtained licenses to issue these stablecoins by the Bermuda Monetary Authority under the Digital Asset Business Act.
“We need to get stablecoins adopted in Bermuda,” Mr Richards said. “The companies are all here, they’re all licensed here, they’re all leveraging Bermuda for their own global success.”
In the first quarter of 2024, Bita hosted a 70-person round table at Axa’s offices, where discussions focused on areas such as digital finance, health innovation, insurance technology and regenerative finance.
Looking ahead, Bita has laid out a set of clear goals beyond just stablecoins. “Success for us looks like defining Bermuda’s current state in insurtech and then identifying where the gaps are.”
Regenerative finance is another area of focus. Bita is working on frameworks for blue carbon credits that could eventually be used by other small island nations. Mr Richards has dubbed the concept the “Bermuda blue carbon credit”.
Speaking at the Green Overseas event in Brussels late last year, he found strong interest among small territories facing similar challenges.
“We’re trying to finance new renewable energy assets, but we can’t produce carbon credits to finance that transition,” he said. “So can we create a blue carbon credit?”
Mr Richards said the Bermuda Carbon Commission is now bringing together experts to explore that question.
“I don’t know how to do this,” he said, “but we’ve got a lot of smart people that do, and so they’re coming together to help us figure this out.”
The goal, he added, is for the commission to “create a framework where we can issue [and] make the rules around how you create a blue carbon credit for islands”.
Youth involvement is another key part of Bita’s work. “The most important thing is not only trying to get adoption, but giving exposure to the next generation for this cool, innovative work happening in our country,” Mr Richards said.
Bita is working with both overseas universities and local institutions to give young Bermudians better access to tech-driven opportunities without having to leave the island. “We want to pair these global experts and MBAs with young Bermudians, and that’s the next phase of the education piece,” he said.
Meanwhile, the group’s “innovation sprints” conducted with Bermudian companies have focused on areas like healthcare tech and digital credentials.
One project involved a genomic study led by Dr Carika Weldon, featuring “the first trio of Caribbean descent where you have two parents and a child” to undergo full genome sequencing.
Another sprint looked at digital health records. “We had a big challenge where we tried to get youth data,” Mr Richards said. The aim was to explore ways for families to safely share and manage medical information, especially for students and athletes heading overseas.
Bita continues to build global partnerships, with Mr Richards recently attending forums such as The Economist World Ocean Summit in Tokyo.
“We’re such a vital country to the world,” he said, noting Bermuda’s position as the only landmass in the Sargasso Sea.
The association is also working across several Government ministries to support joint planning.
“I truly believe that the value of Bermuda is that we’re so small, you can see the interconnectedness of how renewable energy, food security and clean water affects healthcare,” he said.
“We have a huge opportunity to solve challenges a lot faster than most countries.”
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