Bank of Asia (BVI) Started Full Online Operations

Bank of Asia (BVI) Limited started full operations in September 2019, and is actively accepting clients. Its customers can complete the account application procedure online through their website. Now customers can establish their accounts by following instructions, and even upload certified documents 24/7. Banking services are provided online through digital platform.

Bank of Asia is one of the first fully digital global banks and the first bank in BVI to be licensed in more than 20 years. It has built its platform with the latest technologies, reducing transaction time and expense. The bank focuses of various types of deposits, including saving deposits, current deposits, time deposits, and remittance services. Prepaid cards and debit cards are expected to be introduced by the Bank. 

Chairman and Founder of Bank of Asia commented: “FinTech is the future. The British Virgin Islands, which is the world’s leading offshore jurisdiction, is home to Bank of Asia. We are proud to be the first bank to be licensed by the BVI in more than two decades and we are offering smart financial and lifestyle services to customers using innovative technology, products and better customer service globally.”

Cabinet Approved Establishment of Borrowing Committee

The BVI Cabinet approved the establishment of Borrowing Committee consisting of eight members and chaired by the Financial Secretary, to secure all funding under the UK Loan Guarantee on behalf of the government. In the last Cabinet post-meeting statement it was said: “The Borrowing Committee will be the sole entity authorised by the Cabinet of the Virgin Islands in collaboration with the Ministry of Finance to source and negotiate loans under the ‘Guarantee’, pursuant to the implementation of the revised Recovery to Development Plan.”

The newly established Committee will review the terms and conditions of loans offered by lending institutions to government, and the borrowing presented by the Minister of Finance Andrew Fahie. The panel will recommend to the Finance Minister all amendments to the loans offered under the Guarantee as well as other borrowings falling under specified stipulations; they will also recommend the most appropriate loans to the Cabinet. 

The Borrowing Committee will be mainly guided by the Virgin Islands Public Finance Management Act and is expected to include the Financial Secretary as Chairman, Permanent Secretary in the Premier’s Office, the Attorney General, a nominee by the Opposition Leader, a nominee representing the Business Community, an External Regional Leader, a representative from the BVI Banking Association and a Secretary from the Premier’s Office.