Kristen Scott Ndiaye: We wanted to talk to you about this because even though you’re not in politics, necessarily, I would imagine that you – your brand, and your actions – still have a responsibility of a leader in Bermuda. What do you think?

Sir John Swan:Anyone who’s been given the privilege that I’ve been given – I had parents who had confidence in me as a young person, forced me to go abroad to get an education and, though I had dyslexia, had the word “failure” taken completely out of my lexicon. I should feel responsible for helping Bermuda to achieve its goals. Though not political, I feel intellectually responsible for making sure that Bermuda is headed in the right direction.

KSN: Right. Now, you didn’t start out as a leader. You’ve described your playground as Pembroke Marsh and just shared that you had your share of hardships – dyslexia, visual impairments. From there, what has been your journey to leadership?

JS:After school, I came back to start a business that, for 10 years, built 40 percent of the homes on this island. I belonged to organizations and served on many boards, both locally and internationally, which gave me a broad view of Bermuda and the rest of the world. This led me to become premier, where my job was to make Bermuda as viable and as functional as possible through policies and programmes. I was physically responsible for the country, but at the same time expected to act with a social conscience.

KSN: I find it interesting that that social conscience has stuck with you after so many years; and after so many years, you seem to have stayed relevant in business. What’s your secret?

JS:Well I try to remain relevant, not only in business, but in all sorts of other activities that affect Bermuda. It requires a lot of reading, a lot of studying and staying on top of what’s happening locally and internationally, and learning to change with the times.

KSN: Of course, and we know that it’s important in business, and in life, to be able to pivot. How do you do this?

JS: Every ten years I would reassess my business and decide whether it needed to be changed. In order to pivot, you have to learn to remake yourself both physically and mentally. The world of change is speeding up. The intellectual process includes 1) your ideals – what you stand for; 2) your ideas– which come to mind from your ideals; 3) things – which are what you create from your ideas; and 4) people – those who use the things that you create. If these don’t line up, then it’s time to change.

KSN: How can other leaders do that?

JS:I’d say pay attention to your instincts, pay attention to what other people are saying to you, and learn to listen. Most people fail because they fail to listen. I’ve tried to be very sensitive about other people’s feelings and views, and they’ve helped me with the things that I’ve been able to achieve.

KSN: So, you would say that success is not gained alone. Would you say that seclusion is the enemy of creativity?

JS:It’s a tough question, because there are a lot of people that do a lot of productive thinking in seclusion. You have to find a balance. I call it the “Iceberg Effect”: 9/10 preparation and 1/10 effect. Anytime I give in my career, I make sure it’s something worthy. There’s a lot of research that goes into my speeches and my articles. If I don’t plan in seclusion, it makes for an uncomfortable outcome.

KSN: More on those uncomfortable places in leadership: what advice do you have for those moments?

JS:To that I say do unto others, as you would have others do unto you. Everybody knows that I’ve been in some uncomfortable situations. Leadership is about raising people up. Sincerity, integrity, forthrightness are all very important qualities in a leadership role. Be prepared to stand behind anything that you say and take the consequences for it.

KSN: When you say things like that, I have to say that you’re an inspiration to many young people on the island. Are you aware of how your image drives young men, especially, to get into business?

JS:I’ve always had a good relationship with young males in Bermuda. I think that comes from trying to fulfill the image that I give off, and leading not from policies, but from setting a standard – a standard in what you say, in how you look, how you conduct yourself in a particular set of circumstances. When people see me, there’s a consistency. They know who I am. They know that we can have a two-way conversation about whatever they need to be a leader in the community – that doesn’t necessarily mean government, it could mean at a school or on a football field.

KSN: What advice do you give them?

JS:Many people want to receive and don’t understand that it’s when you give, that you get back the encouragement to succeed. I say, give your honest opinion, and not the one that you think you’re supposed to give. From a young man in board rooms, I was invited to be a part of the Young Presidents’ Organization; because I said what I thought. You want to make people re-evaluate their thoughts. But don’t be forceful, that’s how people shut down.

KSN: That’s true because some people who experience the great success in leadership, find that it brings out the worst part of their personalities. What do think about that?

JS:Sometimes people get caught up in their egos and they believe that they know everything. I think it’s the biggest mistake that people make. It’s important to be humble; and to work together with others to find your potential and vice versa. If you think that your leadership or your success is based solely on you, then you are doomed to fail.

KSN: What does Innovation in leadership look like?

JS:The world is going through a very uncertain period as a result of the technological revolution in the past 25 years, forcing us to redefine the norms.  We went from the whole world sending messages at 780 miles an hour – the speed of sound – to sending messages at 196,000 miles per second – the speed of light. That’s how information is flowing. Everyone has access to information; but some are trying to hold on to the old world.

Innovation in leadership looks like bringing energy back to Bermuda. Right now, Bermudians are going away to school – London, Toronto, New York – and coming back saying, “What am I doing here?” They have to feel like they can continue their education, and contribute. Some young Bermudians are just staying away because there’s nothing here for them. Leadership looks like asking Bermudians about what they want, and facilitating it, not dictating it. It’s a commitment to making Bermuda a viable place for everyone – even if it means bringing people in to get the job done. We have to step on new ground.

I think blockchain is very important, but it can’t be just about that. When you sit down to a meal, you want to have potatoes on the plate and vegetables on the plate, but you want to have meat on the plate, too (smile).

KSN: What is your vision for our island in the future?

JS:Whether you are a corporation or an individual in the leadership role, make Bermuda a place that everyone feels proud to participate in. There’s been a withdrawal, and a fear in people that if they say something there will be grave consequences. There is nothing more damaging than fear. I hold the leaders responsible not to inject the fear in others. Let’s reconstruct Bermuda.

KSN:Thank you so much for sitting with me.

The post Sir John Swan talks to us about Leadership appeared first on RG Magazines.

What has been hailed as a world-first for Bermuda gets under way today with the start of the Bermuda Innovation Sprint.

During the next two weeks a number of activities will take place on the island featuring innovators and leaders working in the fintech, blockchain and cryptocurrency industries.

Expected to take part are representatives from Ripple, one of the world’s top three cryptocurrencies, and AlphaPoint, which runs trading infrastructure for some of the biggest digital exchanges in the world.

Stan Stalnaker, founder of Hub Culture, which is hosting the event, said: “This is the first of its kind anywhere in the world. No one has done an innovation sprint with a country before.

“The idea comes from the technology world where you have developers who do a sprint, where they code really hardcore for a couple of weeks and then they build something really amazing.

“These sprints are like a very furious and intense activity and out of it comes something really valuable and real. So it’s not just talk, it’s about how do we get the work done to create something new?”

Everyone is invited to attend the events. A key highlight will be the Liquidity Summit on October 18 and 19, featuring a number of international speakers. The admission price is being kept low to ensure it is accessible to many.

Bermudian-based Hub Culture launched Ven, the world’s first digital currency, in 2007. Last year it held a three-month innovation campus and beach club at Ariel Sands, bringing to the leading innovators and influencers to the island.

While Hub Culture is driving Innovation Sprint, the collection of events includes some staged by other organisations, such as AM Best’s insurance market briefing on October 16, and the Bermuda’s Insurance Market Conference on Thursday.

Innovation Sprint gets under way today with a drop-in welcome centre based out of Utopia — formerly Muse — opposite the ferry terminal on Front Street, from 11am to 5pm. Mr Stalnaker said: “It’s very casual. People can stop by to ask questions or find out how to launch an event and about the events they can attend.”

A warm-up networking event will be held at the same venue on Wednesday evening.

Elsewhere there will be a meditation workshop, hackathons, a digital identity event, and an “unconference”. Explaining the latter, Mr Stalnaker said of the Ven World conference: “We start the day with a blank sheet and build a whole conference where people suggest projects and topics for the day.

“It’s a blank sheet for innovation to talk about what can be done. People will organise around topics.”

David Burt, the Premier, has been invited to cohost the community event.

Mr Stalnaker said many of the fintech and blockchain-related companies that are coming to Bermuda will gather around the Innovation Sprint events.

“It will be first time since the innovation campus that we have had a lot of these companies on island and looking at it as a place to invest or do business.”

When asked about the impetus for the activities, Mr Stalnaker said: “We were trying to build ecosystem in Bermuda. Last year’s innovation campus was very successful and was the spark that created the fire and catapulted Bermuda to having global recognition for its leadership in the digital space and fintech.

“We have developed Ultra, which is our digital asset exchange, based in Bermuda, and that was an idea that came out of the Bermuda innovation campus.

“So we thought, how can we bring everybody into the conversation where everybody can create — not just us?”

He said having an ecosystem for new technologies and innovation was important, adding: “If you don’t have a vibrant ecosystem in Bermuda then it is really difficult to be successful. And we need these companies collaborating and working together to scale opportunities.”

The spirit of collaboration is at the heart of the innovation sprint, and the door is open to others to get involved and stage events and gatherings.

“Anyone can launch an event into the sprint. It is co-ordinated [under one umbrella] so that if you are coming to Bermuda you know it is going to be worthwhile because there are all these things going on, and all the right people to connect with and meet.”

Certain days have also been set aside to allow business meetings to be scheduled, where new deals may be struck.

A beach bonfire is also planned at Ariel Sands next week, ahead of the Liquidity Summit at the Hamilton Princess & Beach Club. That conference will feature Kahina Van Dyke, senior vice-president of business and corporate development for Ripple, and Ted Pendleton, senior vice-president of business development with AlphaPoint. Among the other speakers are executives from Shyft, Hannover Re (Bermuda), iCash, Coala Foundation, and Athena Bitcoin.

Loretta Joseph, blockchain adviser at the OECD, and Lydia Dickens, adviser to the Bermuda Government, are expected to feature at the conference.

Innovation Sprint is being held in partnership with the Bermuda Business Development Agency, AlphaPoint, Ven and blockchain-backed loan provider Salt.

Mr Stalnaker said: “It is not just one conference or one hackathon, it’s a whole sprint of activities. We will see amazing things come out of it; big ideas, new thinking, new excitement about Bermuda as a place for innovation.

“We’re thrilled that everyone is working together. This isn’t about us, it’s about open collaboration and getting people focused on the big picture and what is possible.

“It’s not just a conference. The conference is important, but what is going to be really great is everybody mingling, mixing and meeting. It’s like the whole of Bermuda becomes the office.”

• For more details about the events, visit https://bermudasprint.com/

This was originally posted on royalgazette.com on October 8, 2018.

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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:

Blockchain developers

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.

App developers:

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.

Financial analysts:

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 experts:

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:

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.

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Blockchain works on the basis of decentralised accounting that allows network participants to approve, validate, time-stamp and confirm transactions without the need for intermediaries, such as banks. Transaction data is stored in blocks and the transactions are chained together in a highly tamper-resistant form.

This “distributed ledger” is not owned or controlled by any single entity. It enables transparent “per-to-peer” transactions that eradicate any doubt over ownership. And it can speed up transactions that might currently take days or weeks for confirmation by a bank, for example.

RG Business takes a look at some of the industries ripe for blockchain disruption.

Shipping

The global shipping industry involves a complex web of intermediaries as transported goods are moved around the world and across borders. This mass of bureaucracy adds double-digit percentages to the cost of shipping – and much of it could be stripped out by an effective blockchain system.

IBM and Maersk, giants of technology and shipping, have been working together on a blockchain technology for cross-border supply chain management. It could be as transformative to shipping as the mass introduction of standardised containers in the 1960s.

The industry still relies heavily on paper documents. In 2014, Maersk tracked a container filled with roses and avocados from Kenya to the Netherlands. Almost 30 people and organisations were involved in processing the box on its 34-day journey, which included ten days of waiting for documents to be processed.

Creating a vast, integrated network that shipping lines, port authorities, brokers, cargo sellers and buyers, and insurers can all join is the vision of IBM and Maersk. It could speed up delivery of goods, reducing wastage of perishables in the process, and slash billions of dollars off administration costs.

Insurance

Many insurance CEOs have openly commented in recent years that their industry is inefficient and needs to be modernised, to reduce operational friction costs from, for example, duplications among multiple parties and cumbersome claims processes, and to meet customers’ expectations of bespoke and immediate service in the digital age.

Blockchain technology can enable “smart contracts”, capable of self-executing when verified conditions are met. Good examples are a life insurance policy with a contract that can perform checks against a death register to pay out automatically. Or a travel insurance policy that auto-pays when an official source indicates a flight cancellation.

AIG, in a successful blockchain pilot programme, has already proved that a multinational insurance policy covering four countries can be digitally coded onto blockchain as a smart contract.

Bermudian insurer XL Catlin is one of the backers of B3i (the Blockchain Insurance Industry Initiative), which incorporated in Switzerland in March this year. It has completed a blockchain prototype for property catastrophe excess-of-loss reinsurance contracts. Almost 40 companies were involved in the market testing, illustrating a broad-based desire to get involved.

There are still significant hurdles to be overcome. For blockchain to make a serious impact on the industry would require large technology investments and sharing of information among multiple parties.

Healthcare

The cost of healthcare is becoming an increasing strain in many countries, as populations age and people live longer. Among its inefficiencies is record-keeping. The industry struggles to keep track of medical histories as patients move from place to place, or receive services from different sources.

In the US, the idea of a blockchain-based Master Patient Index has been touted to help combat such problems. IBM, which already offers blockchain applications for the healthcare industry, states: “Blockchain-stored records can be used to provide complete longitudinal health records for individuals, giving all patients more control over their own information through verifiable consent.” Such a system could massively reduce administrative costs.

Mortgages

The process of borrowing money to buy a home can seem unnecessarily slow, cumbersome and expensive. Wherever there are “middle men”, blockchain can disrupt. Take the ambitious Bermudian start-up, Viva Network Holdings Ltd, founded by a group of island entrepreneurs including Nick Thomson, Christian Fiddick and William Lewis.

Viva plans to raise capital through crowdfunding to lend across borders, cutting banks out of the process. To achieve this, Viva will use its smart contract-enabled fractionalised mortgage shares (FMS) innovation. The idea is that investors will be able to buy FMS with VIVA tokens, in order to receive steady returns over time, while borrowers will receive funds in their local fiat currencies and lower borrowing rates than they can get in their home countries. Viva plans to crowdfund its first home loan by the second quarter of 2019.

This article was featured in the May 2018, RG Business Magazine.

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