Operating under a banking license from the BVI Financial Services Commission, the Bank of Asia said it is pioneering digital banking solutions in the territory.
It has no branches and has built its platform using technology from Oracle, Avaloq and Saxo, which it says reduces transaction time and expense. Savings will be passed on to customers, it said.
Target market
The bank said it is “uniquely positioned to secure a strong share of banking from Asian high net worth individuals and their related global offshore companies”.
Breaking down the figures, Bank of Asia said there are 5.5 million Asian high net worths, of which 1.13 million are Chinese.
It added that more than 40% of all owners of offshore companies are located in greater China.
First new bank in two decades
Bank of Asia chairman and founder, Carson Wen said: “Fintech is the future. The British Virgin Islands is the appropriate home for Bank of Asia because the BVI is at the forefront of delivering high-quality technological and innovative offshore services.
“We are proud to be the first bank to be licensed by the BVI in more than two decades and we plan to change how people bank using innovative technology, products and better customer service, not only here in the BVI but also globally.”
A lawyer for over 30 years, Wen was a three-term deputy to the National People’s Congress of China, which is the PRC’s national legislature and constitutionally the highest organ of state power, representing Hong Kong.
He is also a justice of the peace of Hong Kong and has held various public service appointments in mainland China and Hong Kong.
Caribbean base
While it is domiciled in the BVI, customers will be able to access its digital platform from anywhere in the world, the bank said.
It employs around 70 staff in Asia and the BVI, with a call centre in the Philippines providing round-the-clock service to clients.
