BVI News

Numerous proposals | BVI could become a financial technology hub

Premier Andrew Fahie (BVI News photo)

Government is currently locked in talks with an unspecified number of potential investors on financial technology opportunities for the British Virgin Islands.

Premier Andrew Fahie gave that indication during a BVI Digital Economy Symposium on Tuesday, December 3, 2019.

He said: “It is important for me to let you know that BVI has been tapped with a number of proposals that could potentially position the BVI as a Financial Technology hub.”

“FinTech is currently disrupting sectors with services such as mobile payments, money transfers, fundraising, and KYC compliance. This is the new emerging technology that helps consumers or financial institutions deliver services in newer, faster ways than traditionally available. We also have blockchain technology that looks at our digital currency, which offers significant benefits it offers the BVI, which are paramount to the Territory. We welcome this innovative technological advancement with open arms.”

The Premier further said this technology will create more opportunities for information, communication, technology, businesses and employment opportunities for trained professionals.

“The move to digitisation is happening globally, and BVI has an opportunity to create an economic driver to stimulate its economy. Technology and innovation are keys to the continued success of the BVI. As a Government, we are focused on achieving and increasing our competitiveness in the global tourism market, strengthening our financial services industry, and developing new economic engines,” he said.

ICT Policy to be implemented shortly

In the meantime, the Premier said Cabinet looks forward to approving the territory’s first National Information, Communication and Technology (ICT) Policy, Strategy and Implementation Plan.

“The ICT Plan has set the following vision for the Territory: Agile BVI – Connected, Resilient, Smart. This plan, when implemented, will allow the Territory to leverage ICT to foster innovation, diversify the economy and expedite the Territory’s transformation into a digital economy,” Fahie noted.

He explained that in embracing the vision for the development of the territory and the role of technology, “we understand the challenges our citizens and business community face with the reliability of Internet service. We agree that it must be overcome, even if it means inviting new players into our market to improve broadband speeds for customers and lower prices”.

The Premier added that the territory is moving to become a leading economy through entrepreneurship, innovation, local and foreign investment by 2025.

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20 Comments

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  1. and the roads says:

    are paved with gold..actually with garbage and plastic

    Like 12
    Dislike 2
  2. patriotic says:

    Hon Premier , I admire your enthusiasm and thinking.However,neccessary infrastructure has to be in place before we reach to that stage.Our communication systems that are provided in the bvi is third world at best.Technology runs on strong and efficient network.

    Like 14
    • @Patriot says:

      10th world if there ever was such a thing. We have no f***ing shame and its obvious. Our down island neighbors who we snub our noses at have come from way behind and surpassed us in tourism and everything else. The only thing we have is financisl services and at the current rate its like a cripple crab with one crutch!

      Like 12
      Dislike 2
  3. Voter says:

    This guy has no clue what he is talking about, how can this be possible with out proper internet, how will companies transfer data.
    Stop trying to fool people.

    Like 14
    Dislike 1
    • Who Is He Listening 2? says:

      For the Crazy moneys he is committed to, he must be listening to all kinds of BS ideas. Apparently he is hearing a lot of chatter. However, “All that glitters isn’t gold” Ideas can be had for a dime a dozen. Though we might be out of hurricane territory at the moment, we still have to Pray as if we are.

      Like 1
      Dislike 1
  4. Reasonable Man says:

    I wouldn’t be betting on digital currencies. Much loved by criminals, fraudsters and tax evaders, that will put back on the EU black list.

    Like 3
    Dislike 1
  5. WTF says:

    Is this f***ing comedy central? We are paying close to $200 a month for the mid-level internet/data services and ca hardly watch youtube or a f**+ing netflix program but we are going to be technological hub? Please out the fire at the incinerator and other small doable things before coming to the people with unadulterated horse s**t!!!!!!

    Like 16
  6. Laughing says:

    Some white men in blue suits come and tickle our ears with nonsense that they wi profit from in the short term and we say hip hip hooray! Slavery was abolished we say? We sure?

    Like 4
    Dislike 1
  7. United States calling says:

    You poor guys, without proper internet services, everything is at a stand still. I agree with the bloggers, inferstructure should be the #1 priority before anything works. No one is going to take a chance with that unless the proper inferstructure is on point and in place.

  8. Due Diligence says:

    Setting up to be another BVI Airways. Time, money and reputation spent just to be left with nothing. In the important but fragile financial services no less.

    Like 3
    Dislike 1
  9. Couple of Thoughts says:

    If you want to go tech:
    1. This needs people with good education. Start by investing properly in education and commit to the cause-it’s not VIP, NDP, PP, or whatever party issue.
    2. You’ll have to allow more people on work permits because there is simply not enough local know how and experience. These folks expect a six figure salary leaving college (a good reason for item 1). Don’t believe me, go ask Larry Paige
    3. Invest in the proper infrastructure. Better internet, more reliable and better quality electricity.
    4. No import duty on hardware.
    5. Make it easier to get here (and to leave): hint-match BVI ferry departures with STT flight arrivals and departure. Beef is too expensive got upgrade and is unlikely to have air lift go sustain direct flights to mainland USA (except maybe 1x/week)-places like Grenada (which has a US university, and is much larger, only have 3 direct flights a week to US.
    In life you can do anything but you can’t do everything. Make a decision and move forward, but enough of this pie-in-the sky stuff. I mean, imagine if there really was a money tree, then we’d all want to be botanists.

    Like 6
    Dislike 1
  10. Couple of Thoughts says:

    If you want to go tech:
    1. This needs people with good education. Start by investing properly in education and commit to the cause-it’s not VIP, NDP, PP, or whatever party issue.
    2. You’ll have to allow more people on work permits because there is simply not enough local know how and experience. These folks expect a six figure salary leaving college (a good reason for item 1). Don’t believe me, go ask Larry Paige
    3. Invest in the proper infrastructure. Better internet, more reliable and better quality electricity.
    4. No import duty on hardware.
    5. Make it easier to get here (and to leave): hint-match BVI ferry departures with STT flight arrivals and departure. Beef is too expensive to upgrade and is unlikely to have air lift go sustain regular direct flights to mainland USA (except maybe 1x/week)-places like Grenada (which has a US university, and is much larger, only have 3 direct flights a week to US).
    6. You’ll need better housing stock for the techies.

    In life you can do anything but you can’t do everything. Make a decision and move forward, but enough of this pie-in-the sky stuff. I mean, imagine if there really was a money tree, then we’d all want to be botanists.

    Like 2
    Dislike 1
  11. Blockchain says:

    Its obvious people still dont understand bitcoin. Come back and comment after learning a thing or two from posting ignorant comments about fraud.

  12. Prophet says:

    I’ve done that work too, right here in the BVI for companies all over the world. Charity begins at home, search your dbase for the talent you paid to be educated but never used.

    Also this amazes me whenever I read it but, the BVI is 3rd World at best, so adjust your expectations. The new term is developing countries, which we definitely are.

    Before an agenda like this can happen though we need a different cultural understanding of customer service, and the customer always being right. This concept of service delivery offends people here and we will never progress as a service economy with that attitude. We take everything too personally and believe that apologizing or helping a customer somehow makes us lesser than them or inferior. It is ridiculous. What’s worse is we compare our own services to those who accept that concept and compare their results to ours. Why do other countries have better internet? B/c the customer is always right and they demand it. Simply put. So if we adjust our view of the concept it can work for us.

    And finally greater technological infrastructure, better bandwidth, upload/download speed, throughput.

  13. Virgin Isands haters says:

    So the Premier comes out with a visionary idea and all we see is negative crap on this site for —–s . I hope these people choke on their hate as V Islanders move on to higher heights

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