BVI losing out on online income because of payment barriers
The BVI is missing opportunities to earn income from the growing online economy because residents and businesses face significant barriers when trying to receive digital payments, according to BVI Chamber of Commerce Chairman Sinclair Flemming.
Speaking on the Talking Points radio programme, Flemming said the territory has failed to keep pace with changes in online commerce, making it difficult for young entrepreneurs and content creators to participate in global digital markets.
“One of the biggest issues now stalling the younger persons, even myself a few years back, was being able to collect money online,” Flemming said. “Online content creators, online shops, TikTok shops, social media money, all of this money that’s been thrown around that we’ve seen on YouTube and things for years, we do not have the ability to participate.”
Flemming argued that the issue has become more pressing as traditional employment opportunities have changed, making entrepreneurship an increasingly important option for young people.
“With our trust company jobs not being as vibrant as they were a few years ago, someone would be able to come out of school and just land into one of those corporate jobs. We need to be able to push them towards self-determination and getting their own money through whatever e-commerce platform there is,” Flemming stated.
According to Flemming, high transaction costs are among the main obstacles preventing businesses from competing effectively online.
“The issue with this is that it’s not that they don’t have the service, it’s that the transaction fees are too high,” Flemming explained. He said entrepreneurs using platforms such as Amazon, TikTok Shop, or other e-commerce services can find themselves at a disadvantage due to additional banking fees associated with online payment processing.
“Imagine starting on a TikTok shop or e-commerce, Amazon or whatever, and you’re competing with people all around the world, and you start at seven percent behind. Impossible. That’s all your profit margin,” Flemming said.
He also pointed to regulatory hurdles, saying discussions are underway with financial services officials and government agencies to address legislative barriers that may be preventing easier access to international payment systems.
“We’re working with some persons that work at the FSC as well. Apparently some type of legislation needs to be changed, just a few lines, that we are able to then plug into that system,” Flemming said. “We want to see how we can get that done as soon as possible.”
Flemming identified access to skilled labour as the biggest challenge facing businesses in the territory, but said online payments ranked second.
Asked about solutions, he argued that the territory needs to modernise its approach to digital transactions and government services.
“I don’t think we’re years behind. We are a lifetime behind,” Flemming said, while discussing the state of the territory’s payment infrastructure.
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Yeah it’s a hell of a hassle. We don’t have access to the receive feature on PayPal so you can only pay on there, never be paid. A lot of social media doesn’t have an option for payouts in the BVI so you need to use work arounds (like just lying sometimes) to be able to be paid which can get you in trouble if they catch you.
For anyone curious, Wise and Payoneer are both options available for us. They work as a second wallet that can transfer (With small fees) to your Bank Account.
I find it ironic that a Territory which bills itself as the financial capital of the Caribbean is still lacking some of the essential components of modern financial commerce—namely cost, ease, and speed of money movement. This is where short-term thinking impedes progress. Restrictions often remain in place because of the fees generated through services such as Western Union, but that comes at the expense of convenience for the wider population.But eventually technology will render their efforts futile and money will pass back and fourght freely.
I know detractors will argue that these limitations are driven by compliance obligations, beneficial ownership requirements, and other restrictions imposed by international financial regulators. However, in my view, a substantial portion of these barriers originate from within, and many could be addressed through policy choices and a greater willingness to embrace modernization.
Why we have to wait in long lines while all the rest of the world get do 85% of banking transactions online ? You can go to the most remote part of some countries and open an account easily and BVI you would think you was applying for a loan. And dont tell me about anti money laundering laws make it hard because there are countries that launder way more like the USA and its still easy.
Donkey years, same as water. Some don’t have any, and the system is leaking what water there is, wasting money for everyone.
Like everything else it could just be fixed, but these islands don’t know how, or care to figure out.
Carry on
This guy spitting pure facts.
Stop defrauding the systems and we will have better access to these services. Simple as that.
Incorrect, Uninformed, Unhelpful
As a regular citizen all I want is Google Pay, Apple Pay, Samsung Pay, Garmin Pay, etc… this would already make my life easier!
blind
I heard Ralph Oneal talking about introducing E commerce years ago
You know how much people home could have get some incómodo come to them…. backward
Thank you somebody said it…..again, watch as nothing’s gonna be done….. again