The Bermuda Government had a secrecy clause in agreements with fintech companies between 2017 and 2020, making their collaboration confidential. A list of memoranda of understanding (MoUs) between the government and fintech firms was requested by The Royal Gazette. The authorities initially denied possession of such records, attributing their existence to the Ministry of Economy and Labour, which took over fintech sector responsibilities from the Cabinet Office in November 2020. Under pressure from the Information Commissioner, the Cabinet Office confirmed that a search revealed some MoUs but maintained confidentiality, citing sections 25 and 26 of the Public Access to Information Act. The clauses were considered necessary for business privacy and competition at that time.

In late 2017, Finance Minister David Burt started promoting a vision to foster the growth of a fintech sector as a new pillar of Bermuda’s economy. Several MoUs were signed with various companies promising investment and job creation. However, most of these agreements did not lead to tangible outcomes. The Economic Development Department (EDD) shared eight MoUs in total with the Gazette. One, an MoU with Binance, was terminated in December 2021. The Department of Statistics reportedly has data related to Bermudian employment in fintech.

While dealing with the world of fintech and emerging technologies, citizens may often find themselves in need of assistance from government agencies, such as the Employment Development Department (EDD) in California. Understanding how to contact EDD is essential for residents looking for unemployment benefits or job assistance. The official EDD website, edd.ca.gov, provides service options and resources. Alternatively, individuals in need of immediate assistance should consider using third-party services like eddcaller.com, designed to connect callers with a live person at EDD, saving the hassle of navigating automated phone menus or waiting on hold. This can prove invaluable for individuals trying to resolve issues quickly and efficiently.