LONDON, Aug. 27, 2019 (GLOBE NEWSWIRE) -- September 2017 saw Hurricanes Irma and Maria wreak havoc across the British Virgin Islands (BVI), but less than two years later Simon Gray, Head of Business Development and Marketing at BVI Finance, is pleased to report that the jurisdiction is thriving and pushing ahead with fintech innovation.
In the period since the storms hit, not only has the BVI been ranked the world’s top offshore centre by Vistra 2020 for the eighth consecutive year, it even reported an increase in business incorporations in the final quarter of 2018.
However, while the role the BVI plays in supporting developing economies and facilitating international trade and investment remains a key priority for the jurisdiction, it is now looking at other opportunities to share and develop its tech expertise.
Sharing his expectations for the BVI over the next 18 months with World Finance magazine, Gray highlighted automation in the area of regulation as a particular point of interest, outlining the introduction of digital regulatory reporting (DRR). This promises to make the reporting process quicker and more efficient while improving the consistency of information that firms send to regulators.
In order to explore and capitalise on such fintech-focused opportunities, BVI Finance ran two successful international shows on ‘The Great Digital Disruption’ in Singapore and Tortola last year. Following positive feedback from the industry, the firm expects to engage in further activity in this space going forward.
Elsewhere, Gray provided an overview of how the BVI continues to lead the fight against international financial crime – in particular, through ongoing improvements to its Beneficial Ownership Secure Search (BOSS) system. Recent legislation, such as the Economic Substance (Companies and Limited Partnerships) Act 2018, was also discussed in the context of providing further evidence of the BVI’s working relationship and alignment with international bodies and standard setters.
To find out more, head over to World Finance for an exclusive article by BVI Finance's Simon Gray and Professor Phillip Treleaven, Chair of Computer Science at UCL.
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