In doing so, the success turned into image damage and economic failure that left BVI behind compared to other islands; Islands that abandoned the dodge financial services that became problematic and jumped on the crypto success that enriched the government and all their people by billions of dollars. 

The result is that BVI is left far behind, with poor infrastructure, miniature budget, inferior public services, while missing out the crypto business model that could have turned ALL the islanders into multi-millionaires and billionaires without doing any work. Now it’s too late.  

Retried former Managing Director and Chief Executive Officer (CEO) of BVI Financial Services Commission (FSC) Dr Robert A. Mathavious says as he comes to the end of the road of his decades' long financial career, he does so with the knowledge that the sector is in capable local hands. 

Dr Mathavious made the remarks at a conference entitled 'The House That Mathavious Built' held this morning, November 18, 2021, at International Arbitration Centre.

Sector was built by a community of people - but for the big benefit of the very few

“I hate publicity and try to avoid it or to deflect it wherever and whenever I can. My preference has always been to avoid the limelight and work as unobtrusively as possible,” Dr Mathavious said.

However, the man regarded as the father of the local financial services sector said one of his biggest concerns was that he has been singled out for contributions to the community and the advancement of the financial services industry, “when in truth and in fact, this has been the work of so many.”

“These people have toiled to develop and advance the industry upon which the future of our country so depends. They have sometimes gone unseen, unnoticed and underappreciated and have often been inadequately compensated for their efforts,” he said.

Dr Mathavious remarked that It is the workers, both in the public and private sectors that are the persons who are considered the ‘unsung heroes' of the Territory’s financial services success story.

Dr Mathavious remarked that It is the workers, both in the public and private sectors that are the persons who are considered the ‘unsung heroes' of the Territory’s financial services success story.

Local talent made a priority

“Yes, I stand here among you today in a representative capacity on behalf of those with whom I have had the privilege of working over the years in the Ministry of Finance, the Financial Services Department and the Financial Services Commission – as well as affiliated agencies such as the Financial Investigation Agency, the Financial Services Institute, BVI Finance and the International Tax Authority.”

He continued, “These are the people upon whose shoulders I stand. The people who have been the wind beneath my wings. The people who have carried the burdens of the day while raising me up to receive the accolades and the glory.”

Dr Mathavious said he was constantly on the lookout for local talent and sought to recruit, train, expose, develop, promote and empower talented young locals to assume full responsibility for all regulatory, supervisory, registry, administrative, and technical functions within the FSC, and he leaves the sector knowing that it is in capable hands.

FSC in capable hands - Dr Mathavious

“Today, I am happy to say that I hope I have fought a good fight. I have finished the course and completed my leg of the race and have willingly handed [it] off to a younger, well-prepared, and talented team.”

The Former FSC head warned that the journey ahead for the sector will be one that is challenging.

“The BVI will continue to struggle with geopolitical initiatives from the G7 nations and the supranational bodies that they control. Our finance centre will continue to be scrutinised, reviewed and evaluated ad nauseam,” he said.

“But while there is no preordained path to success, I am confident that we can once again rise above the challenges. I am confident that by working together as in the past, the sector can continue to thrive – as long, that is, as the collective determination of all with a stake in the industry remains to do whatever is necessary for its well-being.”