Archive for January, 2009

Avaloq announces the extension of its platform by VP Bank

Friday, January 30th, 2009

In the beginning of January 2009, VP Bank Group successfully implemented the Avaloq banking system by opening offices in Zurich, Liechtenstein and the British Virgin Islands. Along with VP Bank, the LGT Group, Reiffeisen Bank Switzerland, Bank Vontobel and LBBW Luxembourg also started to work with the Avaloq software.

According to Avaloq it has developed the innovative entity concept for the VP Bank Group, and following this concept, new entities can be easily integrated into the VP Bank Group without data modifications. Protection for clients’ privacy and personal data is guaranteed, all the data identifying the client is only every stored on site locally. This is a unique concept of the Avaloq system.

Avaloq CEO Francisco Fernandez noticed that Avaloq has done a lot of work for VP Bank in Singapore. He added that VP Bank is now extending the use of Avaloq to its offices in Switzerland, British Virgin Islands and Liechtenstein, and these implementations also mean an important milestone in the Avaloq strategy.

BVI Group expands its Toronto office

Wednesday, January 21st, 2009

Venulum, BVI-registered private wealth management firm, which is conducting multinational business and has been recently named third among all mortgage backed arbitrage funds in all jurisdictions, now has announced the expansion of its Toronto operations on Canada’s equivalent of Wall Street – alongside the world’s leading financial institutions. The BVI group has doubled its office space in the Royal Trust Tower, which is part of the Toronto-Dominion Centre, which is considered to be the most important financial centre in the country, home to some of the world’s most established and respected financial institutions including Price Waterhouse Coopers & Deloitte and Touche.

Richard Lowden, CFO & Senior Vice-President of the Venulum Group, said that the business growth, which is going on despite the current economic climate, became the reason for the expansion. BVI company’s property and wine investments are holding up well, and it was noted by the Chairman of Venulum concerning Venulum’s property that the company is “entering a period of great opportunity to acquire some bargains in the property markets, and Venulum is constantly being offered distressed sales from cash-strapped developers.”

Also, Mike King, Director of Venulum En-Primeur and Wine Investments Limited, commented on Venulum’s Wine fund, saying that although there were no new investments into the fund during the last quarter, it was a very successful period as the share value rose by over 6%.

Taiwan operator Vibo Telecom cooperates with BVI-based SIM2Travel for roaming services

Monday, January 19th, 2009

On Junary 13, 2009 Vibo Telecom, one of the five operators of 3G services in Taiwan, announced that it co-operates with Sim2Travel, a mobile virtual network operator registered in the British Virgin Islands, to provide roaming service for subscribers of its V-Tone card and of Sim2Travel’s World Card. According to Vibo, the roaming service will be executed through placing V-Tone SIM and BVI company’s World Card USIM in a handset.

The dual-card roaming service charges a minimum rate of NT$1 (US$0.03) per minute for voice calls from Taiwan to overseas destinations, NT$10/min for calls from China or Hong Kong to Taiwan, and NT$4.4/min for receiving relayed calls from the US, Japan, Singapore, etc.

Taiwan operator, which currently has about 100,000 subscribers of V-Tone Card, expects that co-operation with the BVI-registered operator will add another 100,000 in 2009.

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.