Bank of Asia Opens for Business

A digital cross-border bank aimed at the wealthy is opening its doors online to clients. The British Virgin Islands plays a key role.

Bank of Asia won a British Virgin Islands license last year and has opened its digital doors to clients last month, according to a media release on Wednesday. The firm wants to address the growing needs of offshore companies, their owners, individuals and families, providing core banking services to offshore companies as well as trusts and high net worth individuals and families from around the world. 

The bank is building a platform with technology from Oracle, Avaloq and Saxo, arguing its lack of branches lowers transaction time and expense – savings it is keen to pass on to customers. Bank of Asia was founded by Hong Kong lawyer Carson Wen, who said he views fintech as the future of wealth management.

«We plan to change how people bank using innovative technology, products and better customer service, not only here in the British Virgin Islands but also globally,» Wen said.

Rare Bank License

He is also chairman of the Sancus Group, which has investments in sectors such as new energy, logistics, finance and technology. He has practiced law for over 30 years at his own Hong Kong partnership and subsequently at global law firms.

While Bank of Asia is domiciled in the BVI, its customers will be able to access its digital platform from anywhere in the world with a smart device or computer. Similarly, transactions can be executed online seven days a week. Notably, Bank of Asia is the first bank to be licensed in the Caribbean territory in more than 20 years.

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