Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

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.