Bank of Asia targets British Virgin Islands

Bank of Asia wants to tap into the growing needs of offshore companies as the world’s first fully digital global cross-border bank and the first digital bank in the British Virgin Islands.

The bank is using the BVI as a base to target offshore companies, their owners, individuals and families, providing core banking services to offshore companies as well as trusts and high net worth individuals and families from around the world, it said in a statement.

Operating under a banking license from the BVI Financial Services Commission, the bank is pushing for digital banking solutions in the Territory. Whilst it is domiciled in the BVI, its customers will be able to access its digital platform from anywhere in the world, via a smart device or computer. Similarly, transactions can be executed online 24/7.

“Fintech is the future. The British Virgin Islands is the appropriate home for Bank of Asia because the BVI is at the forefront of delivering high quality technological and innovative offshore services. We are proud to be the first bank to be licensed by the BVI in more than two decades and we plan to change how people bank using innovative technology, products and better customer service, not only here in the BVI but also globally,” chairman Carson Wen said.

As a digital bank, Bank of Asia does not have branches. Instead, it has chosen to build its platform from technology provided by companies such as Oracle, Avaloq and Saxo, to reduce transaction times and costs.

ABOUT THE AUTHOR
Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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