BVI STRENGTHENS FINANCIAL SERVICES TIES IN ASIA-PACIFIC REGION

The British Virgin Islands (BVI) government made significant progress in re-engaging its Asia-Pacific financial services markets in 2024 after a hiatus during the COVID-19 pandemic.

Asia has long been a cornerstone of BVI’s financial services landscape, contributing over 50% of the Territory’s revenue in the sector.

Led by key officials from the government and financial services sector, the delegation conducted a comprehensive Asia Trade Mission in May, visiting Hong Kong, Shenzhen, Beijing, and Singapore to reaffirm relationships, explore opportunities for growth, and provide reassurances to stakeholders amid evolving global financial regulations.

Hong Kong Engagements

The delegation met with Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), and Michael Wong, Deputy Financial Secretary, to reaffirm the 35-year BVI-Hong Kong financial partnership. Discussions focused on potential collaborations in virtual assets, green finance, insurance, and expanding services in the Chinese market.

Shenzhen Developments

In Shenzhen, discussions with Ms. Haobo Yang, Deputy Director General of the China Council for the Promotion of International Trade (CCPIT), highlighted the impact of 77 BVI-domiciled companies, which collectively represent $3 billion in investments. Celebrations also marked the 10th anniversary of the BVI-Shenzhen Financial Services MOU and Sister Cities Agreement, emphasizing trade promotion and collaboration on industrial innovation.

Beijing Meetings

In Beijing, the delegation engaged with the Ministry of Commerce, noting the substantial growth in BVI-China trade from $9.17 million in 2020 to $70 million in 2023. Emphasis was placed on industrial trade and financial services, with the Chinese People’s Association for Friendship with Foreign Countries hosting the delegation for a luncheon to acknowledge the growing partnership.

Singapore Expansion

In Singapore, discussions with the Ministry of Trade & Commerce focused on aligning BVI’s financial offerings with Singapore’s international digital and green economy frameworks. Opportunities in green funds, decarbonization markets, and fintech innovation were highlighted during meetings with the Monetary Authority of Singapore.

Plans for 2025

The BVI government plans to expand its footprint in the Asia-Pacific region in 2025, targeting new markets such as Malaysia, India, Macau, and Japan. These efforts aim to diversify BVI’s financial services portfolio while complementing its stronghold in Latin America and China.