Hong Kong renews interest in BVI’s financial services

Minister for Financial Services, Lorna Smith has stated that she felt a resurgence of interest in the BVI’s financial services products among stakeholders in Hong Kong, one of the territory’s biggest markets.

Minister Smith and representatives from the financial services industry are currently on a trade mission in Asia. They’ve deemed the first leg of the mission a success, after engaging in a series of meetings and events in Hong Kong. 

The delegation included representatives from 10 firms that sponsored and participated in the trade mission, showcasing the collaborative spirit of the BVI’s public and private sectors.

In Hong Kong, Minister Smith held significant meetings with key figures including the head of the Hong Kong Monetary Authority, the Deputy Financial Secretary, and officials from the British Consulate. These meetings aimed to bolster financial and economic ties between the BVI and Hong Kong, and highlighted the mutual benefits of such partnerships.

“Our engagements in Hong Kong, one of the BVI’s most important markets, have been highly productive and rewarding. We have held valuable discussions with a wide range of officials, regulators and industry stakeholders on the critical issues shaping the future of financial services in Hong Kong and the BVI. I felt a resurgence of interest in BVI products both at our government and private sector meetings and I am determined to keep this level of engagement vibrant and mutually beneficial,” Minister Smith said.

Hong Kong, the first leg of the 2024 Asia Trade Mission, served to bolster the BVI’s position as the region’s main partner for facilitating cross-border trade and business. 

The mission will continue to other key locations in the region, aiming to build on the successes achieved in Hong Kong.

Organised in conjunction with the BVI’s government representative office in Hong Kong, 200 industry stakeholders from Hong Kong’s most prestigious offshore and onshore law firms, corporate service providers and banks, as well as numerous intermediaries gathered for a series of panels and presentations to discuss the BVI advantage.

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’s financial regulatory environment.