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.