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Bank of Asia launches digital global bank in British Virgin Islands

Bank of Asia launches digital global bank in British Virgin Islands
  • One of the world’s first fully digital, global banks set to serve cross-border business
  • Bank of Asia meets the highest Know Your Customer (KYC) and Anti-Money Laundering (AML) international standards
  • Fintech-driven platform provides user-friendly services not available with traditional banks

 The British Virgin Islands is pleased to announce the launch of Bank of Asia (BVI) Limited, one of the world’s first fully digital, global cross-border banks, in the jurisdiction today.

The bank will serve the growing needs of companies conducting cross-border business, providing core banking services to international companies, trusts and high net worth individuals.

Operating under a banking licence from the BVI Financial Services Commission, it is the first digital bank in the Territory – and the first bank to be licensed in the BVI for over 20 years. Whilst it is domiciled in the BVI, customers will be able to access its digital platform from anywhere in the world with a smartphone or computer.

Unlike traditional banks, 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.

The Bank of Asia is uniquely positioned to serve the needs of the estimated 5.5 million Asian high net worth individuals (HNWIs) and global businesses engaging in cross-border transactions.

Lorna Smith, OBE, Interim Executive Director of BVI Finance, said: “We are delighted to welcome the Bank of Asia to the BVI and are looking forward to working together to better serve the needs of international businesses and Asian HNWIs going forward.

“The BVI already has strong ties with China and we are keen to further develop this relationship by harnessing the potential of fintech alongside our reputation as a safe and secure place to conduct cross-border business.

“Fintech is a key priority for the BVI as we enter into the second half of the year and we are excited to explore the opportunities that this partnership will provide. I congratulate Carson Wen on the launch of the bank and thank him for all the hard work that has led up to this point.”

Carson Wen, Bank of Asia Chairman and Founder, added: “We are proud to be the first bank to be licensed by the BVI in over two decades.

“Fintech is at the heart of the Bank of Asia. Our vision is to change the way people bank using a fintech-driven platform, innovative products and better customer service.

“We deliver cost-effective, efficient, and user-friendly financial solutions. We are fully committed to adhering to the very highest standards of ethics and compliance and typically on board customers within just one week, compared to the two-month timeframe of legacy banks.”

Bank of Asia’s initial services include core banking services in US dollars. However, the bank expects to introduce credit cards and lending services in the first quarter of 2019, whilst an affiliate Hong Kong-based company, BOA Financial Group, will offer wealth management, investment advisory and investment banking advisory services.

Bank of Asia, along with BOA Financial Group, hosts approximately 70 staff in Asia and the BVI, with a customer call centre in Manila providing 24/7 service.

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