BVI completes successful Hong Kong financial services trade mission

BVI’s 2024 Hong Kong Financial Services Roadshow was declared a great success by the Virgin Islands Deputy Premier and Minister of Financial Services, Trade, and Immigration, the Honorable Lorna G. Smith.

The Deputy Premier led a 13 member delegation from the BVI comprised of officials from the Ministry of Financial Services, BVI Financial Services Commission, BVI Finance, and six (6) BVI based private sector practitioners.

Organized in conjunction with the BVI’s Government Representative Office in Hong Kong, the event themed “Advancing Cross-Border Trade and Innovation” brought together over 200 industry stakeholders from Hong Kong’s most prestigious offshore and onshore law firms, corporate service providers, bankers, and numerous intermediaries for a series of panels and presentations on on BVI’s unique advantages and offerings.

Key panels discussed the significant role BVI financial products are presently playing in driving Greater China’s post-covid economic recovery, and in navigating dramatic changes in the global economy & financial regulatory environment. Industry participants maintained a consensus that even in the midst of resent global economic instability, significant re-organization of regional tech supply chains, as well as intense geopolitical competition, the BVI remained the market leader for company incorporation and domicile in East Asia.

The Territory’s legislative framework, common law institutions, cadre of legal and finance practitioners, and focus on efficiency & innovation continue to be the gold standard in offshore finance.

The 2024 edition is BVI’s third Hong Kong RoadShow, with previous editions in 2016 & 2018. Highlights of the RoadShow included in-depth discussions on the dramatic increase in the usage of BVI’s Approved Funds & Approved manager as a niche solution for shorter term project completion and fund raising in both Hong Kong & China’s real-estate markets.

The product is highly valued as a tool in China’s economic recovery in the aftermath of the covid-19 pandemic. After a 6 year hiatus, great excitement was generated by a series of presentations on BVI’s Fintech & Blockchain offering, with special emphasis on the Territory’s new Virtual Asset Service Provider (VASP) legislation. By all measures BVI continues to lead offshore finance in building an environment in which fintech & blockchain business can thrive in a healthy manner safe from illicit actors.

Deputy Premier pays courtesy calls on Hong Kong Monetary Authority and Deputy Financial Secretary’s Office In courtesy visits with the Hong Kong Monetary Authority’s Chief Executive Mr. Eddie Yue and Deputy Financial Secretary’ Mr. Michael Wong, the Deputy Premier reaffirmed BVI’s 35+ partnership with Hong Kong in Financial Services. Accompanied by Mr. Glenford Malone, FSC Deputy Managing Director, and Ms. Ayanna Glasgow, BVI’s Executive Director of International Business, the delegation discussed areas for greater collaboration including Virtual (Digital Assets), Green Finance, Insurance, and further servicing the greater Chinese market.

All parties reaffirmed their commitment to continued cooperation in the midst of dramatic changes in the international financial and regulatory landscape. Honourable Smith emphasized critical role BVI Financial Services products continue to play in Hong Kong’s International Financial Center, and China’s nascent postcovid recovery.