The bank, seeking to tap Asian wealth and enthusiasm for cross-border digital banking, has launched officially in the British Virgin Islands.

Bank of Asia (BVI), claiming to be one of the world’s first fully digital cross border banks, holds its official launch in the British Virgin Islands today. Earlier this year, the bank, which employs staff in the Caribbean island and Asia, had a “soft introduction” into the Asia market.

The ceremony is scheduled to go ahead today in the BVI, a British overseas territory, with the jurisdiction’s premier and finance minister, Dr D. Orlando Smith, and other industry representatives attending the event.

Bank of Asia was licensed in the BVI last March to serve offshore companies, owners, individuals and families, and has a banking license from the BVI Financial Services Commission. The organisation said it is the first bank to be licensed by the BVI for more than 20 years.

Instead of physical branches, the bank is powered by technology from companies such as Avaloq, Saxo and Oracle. Its initial services include core banking work in US dollars and expects to roll out credit cards and lending services next year. BOA Financial Group, based in Hong Kong, will offer wealth management, investment advisory and investment banking advisory services.

The bank seeks to tap into a population of 5.5 million Asian HNW persons, of which 1.13 million are Chinese. It also cited the potential of an estimated 2 million offshore companies, many of which are incorporated in the BVI - more than 40 per cent of all owners of offshore companies are located in Greater China. 

Bank of Asia and its affiliates employ around 70 staff in Asia and the BVI, with a customer call centre in Manila.