British Virgin Islands

Tuesday, Jul 27, 2021

BVI-Based Bank Of Asia Rolls Out Services

Bank of Asia (BVI) Limited 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 . The BVI-based Bank of Asia (BoA), which upon its inception was hailed as a key step in the furtherance of the BVI’s financial services, has commenced its services to companies registered in the BVI and other selected jurisdictions. The service is also extended to owners, directors and associates of the companies.

The Bank that 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, commenced in August with immediate offering.

  • One of the world’s first fully digital global cross-border banks and the first digital bank in the BVI

  • Online state-of-the-art KYC/AML matrix and digital banking system officially opened 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

In an effort to get the word out about the services, it was announced that BVI House Asia and Bank of Asia will be hosting a joint information briefing session in Hong Kong on October 10.

In the announcement of the service, it was mentioned that BoA “is now ready to onboard and serve both corporate clients and individual customers associated with the BVI and other offshore jurisdictions, as well as worldwide selected economies.”

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, which reduces transaction time and expense, all of which translates to savings which can be passed on to customers.

It was stated that persons wishing to open an account can submit their application online through BoA’s website and/or mobile app, which provides a step-by-step guidance of the account opening process.

Meanwhile, it was noted that currently Bank of Asia supports interest-bearing savings and checking accounts, along with term deposit and other operating accounts, in four currencies (USD, EUR, HKD and RMB).

Additionally, it was mentioned that BoA can refer clients to open accounts with its related securities, asset management and insurance entities, or with its financial service partners for products and services in the markets where BoA and its related entities do not cover currently.

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.

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