Beautiful Virgin Islands

Friday, Oct 24, 2025

Doing remote business helped grow financial services during pandemic

Doing remote business helped grow financial services during pandemic

Chief Executive Officer (CEO) of BVI Finance, Elise Donovan has said the ability to do business remotely significantly contributed to the positive growth of the local financial services sector, despite facing challenges with COVID-19.

The CEO said the resilience of the sector in face of the pandemic was one of the topics covered by her organisation’s new BVI 360 content series.

She said tens of billions of dollars in global transactions continued to operate from the territory’s international financial centre throughout the pandemic.

“It shows that GDP (Gross Domestic Product) growth was 2.2 per cent and it was a result of the financial services still continuing to work and to do remote business even through lockdown to operate effectively and efficiently to allow the economy to still thrive despite what was happening in the BVI in relation to the pandemic and around the globe,” Donovan said.

“We also had new [company] incorporations [which] were up to 62 per cent—the highest since 2018 and that is something that is significant. We have seen that even with quarter-one of 2022, the financial services are showing upward growth when you look at the previous year’s quarter,” she added.

Financial Services Industry Autonomous


Donovan added that the BVI has positioned its financial services sector to operate autonomously and independently and it was not impacted by the fallout of the Commission of Inquiry or the arrest of the former Premier, Andrew Fahie in Miami.

“We wanted to ensure we keep that message positive throughout the world that the financial services industry operates autonomously, and it continues to operate with robust regulations and is very much involved in the fight against financial crimes globally,” Donovan said.

“The first 360 reports global BVI contributes to the world’s economy. It relates to how BVI faired in terms of GDP. It says second in the Caribbean. It does not include Bermuda. It would be third if Bermuda was included. Sometimes Bermuda is not placed in the Caribbean so they would say the Caribbean and Bermuda. But second after Cayman in terms of GDP per capita and wealth,” the CEO added.

She noted that BVI Finance wants to recognise that the international centre contributes significantly to the territory’s economy as it accounts for more than 60 per cent of government revenues and a significant percentage of GDP per capita.

“It is important to know that this industry continues to function and do well,” Donovan said.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Porsche Reverses EV Strategy as New CEO Bets on Petrol and Hybrids
Singapore’s Prime Minister Warns of ‘Messy’ Transition to Post-American Global Order
Andreessen Horowitz Sets Sights on Ten-Billion-Dollar Fund for Tech Surge
US Administration Under President Donald Trump Reportedly Lifts Ban on Ukraine’s Use of Storm Shadow Missiles Against Russia
‘Frightening’ First Night in Prison for Sarkozy: Inmates Riot and Shout ‘Little Nicolas’
White House Announces No Imminent Summit Between Trump and Putin
US and Qatar Warn EU of Trade and Energy Risks from Tough Climate Regulation
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
×