Bank of Asia – which upon its inception was hailed as a key step in the furtherance of the BVI’s financial services sector will be launched during the Premier’s Asia visit which spans from Monday 2nd to 17th June.
BVI-based Bank of Asia was established mainly to address the growing needs of offshore companies and provides banking services to BVI and other companies as well as trusts and individuals from around the world.
In announcing the launch of the bank Premier Smith said: “The highlight of the Hong Kong visit will be the launch of Bank of Asia, the first new bank to be licensed in the BVI in 25 years.”
“We look forward to working with our new partners to meet banking requirements and in particular to address the banking challenges that many in the industry have experienced in recent years,” the Premier added.
In his remarks during the Business BVI Asia Trade Mission on 21 October, 2016 Premier Smith explained that the Bank was one of the important innovations the BVI was undertaking. The bank was especially identified as the BVI’s response to the derisking/corresponding banking challenges that were and are facing the region.
While speaking at that event Hon. Smith explained: “The issue of correspondent banking and the difficulty of opening and maintaining accounts is a potentially destabalising systemic issue which demands an innovative solution. This is because although the issue is now getting some attention from national and global organisations such as the US Office of the Comptroller of the Currency, the IMF and even closer to home by the Hong Kong Monetary Authority, it remains perhaps the most significant current threat to many economies.”
Hon. Smith announced that the Bank of Asia is expected to play a key role in the development of a new global financial infrastructure, in parallel with China’s building of roads, railways and logistical support. “I also believe that Bank of Asia can play a key and important role by moving out into the world to help reshape business and finance. You will be hearing more about Bank of Asia later at this conference and in the months to come,” he told the gathering.