E-Commerce From Bermuda
Bermuda is considered one of the world’s leading business-friendly
jurisdictions that has been able to strike a good balance
between government regulation and business innovation This
approach to economic development in Bermuda has led to significant
success in the insurance and reinsurance industry and Bermuda
is now positioning itself to be a leading E-Commerce centre.
Bermuda’s technological infra-structure is sufficiently
advanced to support the speed, security and stability necessary
for the long-term growth and success of Bermuda in the electronic
commerce field.
The only thing preventing B2B electronic commerce from reaching
its full potential is the lack of a safe, secure and predictable
environment with the legal infra-structure to enable electronic
transactions to take place.
Bermuda has addressed these issues by the passing of the
Electronic Transaction Act, 1999 and providing for the creation
of the first Electronic Contracts’ Exchange called ‘the
World E-Commerce Exchange’. This internet enabled contracts
exchange provides its members (who may or may not be located
in Bermuda) with all of the jurisdictional advantages of Bermuda
by virtue of its Charter. For further information on WECX
see its website at www.wecx.com.
It has been recognised by both
the private and public sectors of Bermuda’s economy
that e-business is complimentary to the existing international
business sector that has developed in Bermuda and that any
initiatives in this area that do not place undue pressure
on Bermuda’s physical and social infra-structure, would
be a welcomed additional segment to our economy.
WECX
– An Internet Contracts Exchange
The World E-Commerce Exchange (‘WECX’)
which was incorporated on August 15th, 1999 by a Private Act
of the Bermuda Legislature is the first institution of its
kind in the Internet world. It provides the electronic base
with servers located in Bermuda for companies located anywhere
in the world upon becoming a member of WECX to trade goods
and services through the Exchange with complete confidentiality,
security and legal validity of an electronic contract.
For more information
please contact Lynda Milligan-Whyte at LMW@richmond.bm.
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