Deputy Premier, Minister for Financial Services, Trade and Labour the Honourable Lorna Smith, OBE, delivered a passionate speech at the Financial Services Forum last week, emphasising her dedication to driving the growth of the financial services sector.
She expressed her delight in the government’s recognition of its importance and the establishment of a dedicated ministry, which she believes will give the sector the necessary weight both domestically and internationally.
Deputy Premier Smith outlined the ministry’s vision of a prosperous and inclusive society, underpinned by a robust, sustainable, and future-ready economy. She highlighted the key elements of labour and trade, which form part of her ministerial portfolio, and emphasised their integral role in the success of the sector.
She also stressed that the success of the financial services community depends on a robust and sustainable broader economy. To achieve this, she highlighted the importance of nurturing local talent and attracting outstanding individuals from the BVI itself to contribute to the sector.
When discussing trade, Smith recognized the potential of the financial services sector to offer more to the BVI than is commonly perceived.
Smith acknowledged the challenging landscape faced by the financial services industry. However, she expressed confidence that the establishment of a dedicated ministry will provide crucial support to the industry.
Smith also spoke to “Fintech on the Seas 2024,” which will be hosted in the Territory. The event aims to bring together leading fintech innovators, startups, investors, regulators, and industry experts from around the world to discuss emerging trends, foster collaborations, and promote the BVI as a fintech and digital assets hub.