- One of the world’s first fully digital global cross-border banks and the first digital bank in the British Virgin Islands
- Online beta testing of KYC/AML matrix officially opened to clients on 11 June, 2018 and the Bank is actively on-boarding clients
- Positions the British Virgin Islands at the forefront of reshaping global financial services through innovative digital banking services
British Virgin Islands, 17 July, 2018 – Bank of Asia (BVI) Limited (the “Bank”), one of the world’s first fully digital global cross-border banks and the first digital bank in the British Virgin Islands (“BVI”), is set to host an official launch ceremony in the BVI with Premier and Minister of Finance Dr. the Hon. D. Orlando Smith, OBE, and other industry representatives on Thursday 19 July, 2018.
Bank of Asia was licensed in the BVI in March 2017 to address the growing needs of 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. Operating under a Banking License from the BVI Financial Services Commission, the Bank is pioneering 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 easily, with a smart device or computer. Similarly, transactions can be executed online 24/7.
Bank of Asia opened its online platform to clients on 11 June, 2018 and is actively on-boarding clients. Commenting, Bank of Asia Chairman and Founder Carson Wen, said: “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.”
As a digital bank, Bank of Asia does not have legacy systems and branches. Instead, it has chosen to build its platform from the latest and best technology provided by companies such as Oracle, Avaloq and Saxo, which reduces transaction time and expense, all of which translates to savings which can be passed on to customers.
The BVI launch follows a ‘soft’ introduction of the Bank in Asia during the recent 2018 BVI Asia Trade Mission in June of this year. Bank of Asia is uniquely positioned to secure a strong share of banking from Asian High Net Worth Individuals (“HNWIs”) and their related global offshore companies.
The opportunity includes 5.5 million Asian HNWIs, of which 1.13 million are Chinese. In addition, of approximately 2 million offshore companies, many of which are incorporated in the BVI, more than 40 per cent of all owners of offshore companies are located in Greater China. BVI Finance also identified Bank of Asia as a key partner in the growth of Financial Services in the British Virgin Islands.
Bank of Asia’s initial services include core banking services in US dollars. The Bank expects to introduce debit cards and lending services in 2019. An affiliated company, BOA Financial Group, based in Hong Kong, will offer wealth management, investment advisory and investment banking advisory services.
Bank of Asia and its affiliates employ approximately 70 staff in Asia and the BVI, with a customer call centre in Manila providing 24/7 service.