A university in one of the leading countries in financial technology (FinTech) said it is willing to enter into an agreement with the BVI to train locals in FinTech and associated areas.
Effectively, FinTech is an emerging and innovative category of technology used to create easier ways to utilise and deliver financial services. An example of FinTech is a piece of technology that allows persons to conduct secure and immediate electronic financial transactions from anywhere in the world without restrictions.
Following discussions with Premier Dr D Orlando Smith, Associate Professor at the National University of Singapore, Keith Carter, said he approached the institution’s officials about signing a deal with the BVI.
“I talked to our dean and our head of department and they are very excited and open to establishing a Memorandum of Understanding (MOU) between the BVI and the National University of Singapore,” said Professor Carter who visited the territory last week to offer insight on FinTech.
He said the MOU would also apply to local financial services companies.
The FinTech expert said, under the MOU, local companies could potentially use his university’s resources to ‘look at their data and to come up with new business ideas’ for the BVI.
FinTech could assist with recovery,
Premier Smith first had discussions with Professor Carter last month when he and a delegation visited Asia.
Dr Smith said he was able to witness, first hand, the “transformational power” of FinTech in that part of the world.
In the context of the BVI, the Premier said: “Well-deployed and implemented technology can also help us to leap ahead with the recovery and development of the Virgin Islands. Indeed, it is an opportune time for a course on financial technology to be presented here.”
Dr Smith, who was speaking at a FinTech Immersion Conference held in the BVI last week, added: “My government understands that the future will demand that we understand and embrace technology if we are to remain relevant and, more so, competitive.”
The local financial services industry is the BVI’s main revenue earner. The industry accounts for some 60 percent of the territory’s annual revenue.
Fintech is said to be an avenue to diversify the industry and grow the local economy.