ChainThat, a specialist provider of blockchain solutions for the re/insurance industry, has been approved as the first company to join the Bermuda Monetary Authority’s (BMA) Innovation Hub.
The Bermudian regulator launched the Innovation Hub initiative in April 2018, providing insurtech firms with the ability to share ideas and information with BMA representatives before applying for entry to its Sandbox program.
Formed in 2015, ChainThat utilises distributed ledger technology and smart contracts to improve business efficiencies and cut frictional costs.
“ChainThat are delighted to be the first (technology) company to be approved to join the Innovation Hub”, said David Edwards, Chief Executive Officer (CEO) of ChainThat.
“Since the launch of our Bermuda platform in March we have been in regular contact with the BMA,” he continued.
“To be granted approval to join the Innovation Hub and have access to a BMA representative to exchange ideas and provide expert guidance will be hugely beneficial to ChainThat, the trial participants and the trial Steering committee as the trial progresses and we look forward to working with the BMA”.
Andy Burrows, CEO of the Bermuda Business Development Agency (BDA), also commented: “Bermuda continues to lead in innovation, bringing together technology, broking, underwriting capabilities and access to capital.”
“The collaborative efforts of the Bermuda government, the regulator, and our market’s risk-transfer solutions sector to embrace emerging technology are a clear indication that Bermuda remains the jurisdiction of choice for financial services,” Burrows added.