TORTOLA, BVI – The British Virgin Islands Government in 2024 made great strides in re-engaging its Asia-Pacific financial services markets after a long hiatus during the COVID period from 2020-2023.
The British Virgin Islands (BVI) has been a staple part of Asia’s financial services landscape for 35 years and the region is of vital importance accounting for more than 50 percent of the Territory’s Financial Services revenues.
Dramatic changes are underway in the global economy and international regulatory landscape necessitated re-engaging industry stakeholders to provide reassurances of BVI’s commitment to continue servicing Asia-Pacific clientele with its cutting-edge financial services products.
The core delegation comprised government officers Ayana Glasgow (executive director for International Business), Dr Ricardo Wheatley (BVI – Hong Kong office director), Siobhan Flax (BVI Hong Kong Office Deputy-Director), Lorna Smith (former minister of financial services and deputy premier), Elise Donovan (CEO – BVI Finance), and administrative staff; supported by the BVI Financial Services Commission Management team of Kenneth Baker (managing director), Glenford Malone (deputy managing director), and Shane Baptiste (FSC Hong Kong representative).
The BVI delegation participated in numerous meetings and events engaging government & financial regulatory agencies, industry practitioners, clientele, and other relevant stakeholders in the financial center cities of Hong Kong, Shenzhen, Beijing, and Singapore in BVI’s May 2024 Asia Trade Mission.
Courtesy calls on HKMA chief executive and ministry of finance
The delegation’s first meetings included courtesy visits with the Hong Kong Monetary Authority’s chief executive Eddie Yue, and deputy financial Secretary Michael Wong.
The meetings centered on the reaffirmation of the 35+ year BVI-Hong Kong partnership in financial services and how greater collaboration on Virtual Assets, Green Finance, Insurance, and further servicing the Chinese market could be achieved in the midst of recent dramatic changes in the international financial and regulatory landscape.
In neighbouring Shenzhen (South China), BVI was later hosted for meetings by Haobo Yang, deputy director general of Shenzhen’s China Council for the Promotion of International Trade (CCPIT). Discussions focused on Trade Promotion Development between BVI and the city of Shenzhen, with a focus on the nexus between BVI’s financial services and Shenzhen’s industrial innovation base of companies.
Representatives from the CCPIT executive body, Shenzhen’s Chamber of Commerce, and Qianhai Mawan International Service City in attendance highlighted the positive impact of the 77 BVI domiciled Shenzhen based companies that represent a combined value of 3 billion dollars (USD) in investments into the city.
All parties agreed that there were further opportunities for the expansion of BVI Financial Services business in Shenzhen and that greater cooperation was necessary in the immediate future.
A luncheon followed hosted by the City Government of Shenzhen’s foreign affairs office director-general, Saixian Cao, in recognition of the 10-year Anniversary of the BVI-Shenzhen 2014 Financial Services MOU and Sister Cities Agreement that laid the foundation for enhanced BVI-Shenzhen relations.
Courtesy calls on China’s ministry of commerce
In the delegation’s third city of engagement, the delegation held key financial services and trade meetings with the department of foreign trade within China’s ministry of commerce.
Department director-general, Mr. Li Xingqian, led discussions on BVI-China Trade accompanied by Zong Linhong, deputy director general of the European & Asian Department.
It was noted that BVI-China industrial trade increased in total value from US$ 9.17 million in 2020 to US$70 million in 2023, and 30.79 million USD in the first four months of 2024 (primarily industrial & technological goods). China’s industrial tradeshows such as the Canton Fair were touted as events frequented by BVI businesses to source necessary industrial goods & machinery required by BVI’s construction sector.
However, the bulk of BVI-China trade centered on financial services heavily slanted towards the sale of BVI Financial products to Chinese clients. In recognition of the ongoing and growing trade between BVI and China, the delegation was hosted for a visiting governments luncheon by the Chinese People’s Association for Friendship with Foreign Countries (CPPCC) chairman Yang Wanming, at their Beijing headquarters.
Courtesy calls on Singapore’s ministry of trade and monetary authority
In the final leg of the BVI Government’s Asia outreach, the delegation attended meetings within Singapore’s ministry of trade and commerce with Europe & Asia Division director Chua Shun.
Discussions centered on how BVI’s Financial Services offerings could support Singapore’s International Digital Economy & Green Economy Cooperation Frameworks, as well as other such frameworks in the Asia-Pacific. Green funds & bonds, green & blue investments, and decarbonization markets were all identified as areas in the cross-section between environment and financial services where BVI has an opportunity to expand its financial services footprint in Singapore & South East Asia. Additional meetings were held with the Monetary Authority of Singapore executive director of the International Department, Dawn Chew, to reaffirm the BVI-Singapore relationship and discuss future institutional cooperation on fintech matters, research cooperation, training, and exchanges.
2025 engagement
To further bolster BVI business in the Asia-Pacific region, government stakeholder engagement is slated to continue in 2025 to include Malaysia, India, Macau, and Japan in efforts to increase BVI’s Financial Services footprint in both wealthy developed and developing countries.
The BVI government’s longer-term goal is to diversify its financial services products and markets, complementing its Latin America and China trade with newer emerging markets in South and South East Asia.
The BVI government’s representative and trade office in Hong Kong continues to serve the task of annually promoting the Territory’s Financial Services product across the Asia-Pacific region in key tradeshows and serve as a focal point of contact for industry stakeholders and regional clientele.
