From intern to management
By Ashley Yearwood
Some of us will remember a time when currency was a physical entity; no other options. Trades were made in animals, food, gold, coins and dollar bills. Then we saw credit cards and debit cards become more prevalent and money become almost virtual; just the swipe of a card was necessary for money to be transferred. Now, no card needed, a tap of your phone will suffice. This is the rise of the FinTech industry.
FinTech (Financial Technology) is the use of technologies such as machine learning and Artificial Intelligence (AI) to support financial services. The Bermuda Government has been working away to make the island the epicentre of the global FinTech, and with it bring jobs in the technology, compliance, legal and financial sectors. It could also open up new options for students looking for internships and encourage young people to return to Bermuda.
According to the government, Binance Group’s partnership with Bermuda will bring at least 40 jobs and a sponsorship of up to $10 million USD worth of university-level training for Bermudians in blockchain technology.
These candidates will have opportunities to be project managers, to manage multiple dossiers to completion; UX (user experience) product designers and engineers who can think systematically and at larger scales, something they are calling “designing for trust” and for higher stakes; not to mention lawyers will now have to be versed in “tech” to fit the role of “blockchain legal consultant” that will open up. Some other jobs that can be expected:
A blockchain is a shared ledger that aids in the process of recording and verifying transactions and tracks information of both tangible and intangible assets. It is the platform or operating system that allows digital and cryptocurrencies to be used. Those interested in getting involved with blockchains will need to have extensive programming skills.
Medici Ventures’s (who started incorporating cryptocurrencies in their business in 2014) President Jonathon Johnson said “Blockchain can solve real world problems, the first way is by banking the unbankable, and the second is unleashing dead capital around the world” at a Heritage Foundation Event on June 12, 2018.
With the rise of digital platforms, naturally, apps will appear. These apps have to be designed not only to be user-friendly, but also to be secure and trustworthy. So, as cryptocurrencies continue to take the world by storm, and secure mobile payment options continue to become the default option, more platforms will need to be developed. Once up and running, they constantly have to be maintained and improved.
Dr. Patrick Byrne, Founder and CEO of Overstock.com (one of Medici Venture’s companies) told Bermuda’s public in a press conference with Premier, the Hon. David Burt, JP, MP, Medici will bring two to three and hopefully more of their 12 business to Bermuda providing jobs in graphic design and mainly technology focused individuals.
Every company needs a financial analyst (FA). FinTech FAs, in particular, will be expected to research emerging technologies like AI (Artificial Intelligence), DLT (Distributed Ledger Technology) – the blockchain and APIs (Application Programming Interface) and build innovative financial models; an exciting opportunity for those who enjoy a self-directed project.
Compliance jobs have been in steady rise in recent years, and it’s absolutely blowing up in FinTech. Compliance specialists enforce regulations and ensure the legality of activities within a company. No organisation chartering this new territory will advance without someone in this role.
Cybersecurity analysts are arguably the most important part of this whole developing ecosystem. They will develop and advance security policies and procedures in the most secure way. This job combines all of the above roles, such analysts dip their toe in the engineering pool, and have to have knowledge in capacity planning, audit principles and security risk assessment.
Luckily, Bermuda wants to be home to some of the best, with plans to train and attract more diverse talent in this industry. The government is bringing Bermuda forward on the global landscape as a leader in FinTech. It’s time to start laying out the benefits to the island itself, and looking at building and benefitting the greater community.
This article was originally published in the September 2018 edition of the RG Business Magazine.