Bank of Asia, a digital cross-border bank, has opened doors in the British Virgin Islands (BVI), targeting offshore companies, trusts and HNWIs.
The move follows the receipt of a banking licence from the BVI Financial Services Commission last year and marks the entry of the first digital bank in the BVI.
The digital bank, domiciled in BVI, will be powered by Avaloq, Oracle and Saxo.
Users can gain access to the platform from anywhere across the globe through a smart device or computer and conduct transactions round the clock.
Bank of Asia chairman and founder Carson Wen said: “The British Virgin Islands is the appropriate home for Bank of Asia because the BVI is at the forefront of delivering high-quality technological and innovative offshore services.
“We are proud to be the first bank to be licensed by the BVI in more than two decades and we plan to change how people bank using innovative technology, products and better customer service, not only here in the BVI but also globally.”
Bank of Asia plans to launch debit cards and lending services next year, while a Hong Kong-based affiliate called BOA Financial Group will provide wealth management, investment advisory and investment banking advisory services.