British Virgin Islands

Monday, Nov 30, 2020

Gov't making moves to transform BVI into hub for financial technology

Gov't making moves to transform BVI into hub for financial technology

Government has said it plans to turn the British Virgin Islands into a FinTech hub which, effectively, is an emerging and innovative category of technology used to create easier ways to utilise and deliver financial services. The previous government totally fail to understand this opportunity and practically BVI lost billions of dollars as result of this failure.

An example of this is a piece of technology that allows persons to conduct secure and immediate electronic financial transactions from anywhere in the world without restrictions.

By making the BVI a hub for financial technology, Finance Minister and Premier, Andrew Fahie, said the BVI has an opportunity through this initiative to create a new source of revenue to further boost the local economy.

He said he believes now is the perfect time for the territory to undergo this venture, as several countries globally are participating in what the Premier describes as a digitization movement.

“We wanted major players in the digital industry to champion the opportunities and share the potential for the BVI becoming a hub for Financial Technology as we aim to transform into a digital economy,” Premier Fahie explained in a recently-published media release.

“My government is very keen to develop this area (Financial Technology) and hopes to increase awareness with all stakeholders as they play a role in the thinking, shaping and deciding what the BVI’s focus should be for development,” he further said.


Symposium to be held

To help achieve this goal, a one-day event entitled ‘the BVI’s Digital Economy symposium’ will be held in the territory on Tuesday, December 3.

The event will comprise presenters in the digital arena with combined expertise of over 100 years in the field who will help foster discussions with various stakeholders from all aspects of the private and public sector.

Some of the presenters include Chief Executive Officer of SkyRoMa Consultants Rosita Scatliffe, Partner at PricewaterhouseCoopers Zia Paton, Technology Strategist and Innovator Murthy Valluri and Shankar Rachakonda who has a vast experience in information technology, engineering and software development.

Microsoft’s Global Creative Strategy Director David Pugh-Jones is also expected to present, along with Sanjay Jadhav who has more than 20 years experience as a leader in technology.

The symposium will be held at Maria’s by the Sea hotel in Road Town from 9am to 4 pm.

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