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“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.
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. It 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 online 24/7. Technology of the banking platform is provided by companies such as Oracle, Avaloq and Saxo, to reduce transaction times and costs.
The bank initially planned to offer traditional banking services only, such as deposit-taking and lending, to the roughly 400,000 companies registered in the BVI – specifically, to about 200,000 companies with ties to Asia, Wen said. But eventually, Wen envisions the bank becoming an institution that offers wealth and investment management services.
The bank has officially launched in June 2018 with full swing technology support from its Hong Kong umbrella BOA Financial Group Limited. The group is planning to establish a family office in Shanghai, China serving the needs of doing business by offshore entities or wealth and investment services.
Source: extract from international investment dot net
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