Bank of Asia Officially Launches in the British Virgin Islands (BVI)

The Bank will be offering services to the approximately 200,000 BVI-registered business with ties to Asia.

The BVI has seen marked reduction in the number of companies registered in the BVI, particularly in the offshore banking sector. The reduction is attributed to the difficulty offshore banks encounter when trying to obtain banking services. The recent de-risking phenomena have forced banks to reassess their risk appetites which has significant spillover effects for the offshore sector.

Bank of Asia is being touted as part of the solution and may stop the bleeding in the offshore sector. Unlike typical commercial banks, Bank of Asia will operate exclusively online. Bank of Asia will offer traditional banking services such as deposit-taking and lending, particularly to companies with Asian ties.

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