BVI Finance Limited, a new public/private initiative that will see the creation of a company to better support financial services promotion and business development, is set to launch in January 2017.
The new entity, which will take over from the existing BVI Finance, is part of an ongoing Government programme which aims to strengthen and reposition the financial services industry.
BVI Finance Limited will operate in keeping with best practice and along similar lines as Jersey Finance, Cayman Finance, Bermuda Development Association and other agencies charged with the promotion of financial services.
As a corporate entity under a fundamentally new structure, BVI Finance Limited will have greater autonomy and flexibility in fulfilling its role as the marketing and promotional arm of the financial services industry.
Under a partnership agreement to be entered between the Government and the private sector, the new organisation will be responsible for promoting financial services as an industry to customers, intermediaries and regulators abroad, as well as by developing new business opportunities to pursue through legislative, regulatory and product changes and innovation.
A number of carefully considered objectives have also been designed through consultation for the new organisation, against which it aims to deliver. These include coordinating the efforts of all key private sector stakeholders within financial services, encouraging sustainable growth of financial services through excellence, innovation and balance, as well as promoting and encouraging capability building within the financial services industry.
Commenting on BVI Finance Limited, Lorna Smith, OBE, Interim Executive Director of BVI Finance said, “I am delighted to report that preparations for BVI Finance Limited are progressing well and that come January 2017 the new entity will start delivering on its objectives. Having built a leading international finance centre over the last 30 years, BVI Finance Limited will play an important role in ensuring the sustainable future of our financial services industry.
She added, “Moreover, through the establishment of a public/private partnership, BVI Finance Limited will play an even more collaborative and effective role in the way financial services are promoted and marketed.”
Brodrick Penn, Permanent Secretary in the Premier’s Office also commented saying, “BVI Finance Limited represents another positive step that we’ve taken to improve representation for the private sector and should be seen as a sign that the BVI is determined to continue creating value and enabling growth by providing a world-class destination for international business and commerce.
“I am grateful to members of the private sector for serving on the BVI Finance Ltd task force and for contributing their knowledge and experience to the design of a new entity that is fit for purpose and which has been approved by Government.”