Archive for the ‘Banking’ Category

Bank of Asia officially announced BVI launch

Wednesday, July 18th, 2018

Bank of Asia (BVI) Limited, the first digital bank in the British Virgin Islands and one of the first fully digital global cross-border banks, will host an official launch ceremony in the BVI on 19 July, 2018, with participation of Premier and Minister of Finance Orlando Smith, and other representatives of the financial industry. The BVI launch follows the introduction of the Bank in Asia during the recent 2018 BVI Asia Trade Mission in June.

Bank of Asia has received a Banking License in the BVI in March 2017 from the BVI FSC, to pioneer digital banking solutions in the territory and to provide banking services to offshore companies, trusts and high net worth individuals from different countries. Its customers will be able to access its digital platform from anywhere in the world, 24/7. The online platform was opened on 11 June, 2018.

BVI Finance also identified Bank of Asia as the main partner in the growth of Financial Services in the British Virgin Islands. Bank of Asia’s initial services include core banking services in US dollars. In 2019, the Bank expects to introduce debit cards and lending services. An affiliated company will provide wealth management, investment advisory and investment banking advisory services.

Bank of Asia (BVI) Limited chooses Avaloq digital solutions

Monday, October 30th, 2017

Bank of Asia, licensed in the British Virgin Islands, is planning to build its digital bank with the Avaloq Banking Suite, which will provide complete digital banking solutions through its Singapore based service centre Avaloq Sourcing (Asia Pacific).

The new bank, which was established in 2015 by its Founder and Chairman, Hong Kong based businessman and lawyer Carson Wen, is expected to start full operations by the end of 2017. It is primarily a digital bank focusing on lowering operational costs.

The Founder and Chairman of the bank Mr. Wen commented: “We want to start a bank that has cutting-edge technology as its foundation. We aim to utilise fintech and regulatory technology to enable us to undertake these processes with a much higher degree of efficiency and lower costs that will give us a huge competitive advantage over legacy banks.”

New Avaloq banking software successfully tested in he British Virgin Islands, Liechtenstein and Switzerland

Friday, January 16th, 2009

VP Bank Group has successfully switched its IT platform to the new Avaloq banking software system. The operations of the new banking system started during the New Year holidays, and starting with January 5, 2009 all of the Bank’s transactions are being processed via the new platform.

The migration took place without any problems, following a development phase of 18 months. The switch to the Avaloq banking system is an important milestone in the evolution and development of VP Bank, which enhances Bank’s efficiency, supports the implementation of its strategy and underscores the competitiveness of the entire VP Bank Group.

In the next months, it will be a matter of gaining experience with the new system and, if necessary, implementing optimization measures to ensure a maximum of client orientation. The implementation of the banking system in the British Virgin Islands, Liechtenstein, Switzerland and Singapore has provided know-how that will be of great importance for the introduction of Avaloq at VP Bank (Luxembourg) S.A., during the course of 2009.