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ARTICLE · 14 OCTOBER 2026

Modernising And Internationalising Bermuda’s Banking Sector

Walkers
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The Bermuda Monetary Authority is proposing eight new banking models to modernize and diversify the island's financial sector, with a particular focus on serving digital asset businesses and expanding access to specialized wholesale and retail banking services. Will these reforms position Bermuda as a leader in offshore banking innovation while maintaining its reputation for robust regulation and financial stability?

BermudaFinance and Banking
Leonie Tear
Leonie Tear
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KEY TAKEAWAYS

  • The BMA is considering eight banking models across two groups: wholesale models comprising depositary and custodian banks, merchant and investment banks, brokerages and broker-dealers, digital asset banks and international agent and representative banks; and domestic retail and commercial models comprising mutual societies, mortgage corporations and finance companies and national or post office savings and development banks.
  • The proposals would support sector diversification, financial inclusion, improved access to banking services and innovation, while maintaining financial stability, consumer protection and alignment with international standards.
  • Ease of banking for the island's thriving digital asset economy is a clear priority for Bermuda.

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