FAQs

Signing Up

Q: What jurisdiction do you operate in?

Bank of Asia is licensed by the British Virgin Islands Financial Services Commission. The bank is headquartered in the British Virgin Islands.

Q: Who can sign up for an account with Bank of Asia?

We will bank corporates, trusts or individuals that pass our vigorous KYC checks with the exception of individuals who are residents of the BVI due to restrictions on our license.

Q: How do I open an account?

You can open an account from anywhere as long as you have internet access and a smart phone, tablet or computer with camera and video functionality and a touch screen. We will require a selfie, a short video stating your full name and e-signature, bio-metrics as well as the typical documentation required for account opening.

Q: What type of device do I need?

We will support most updated mobile devices that runs android and iOS. A mobile device would be needed for the two factor authentication

Q: When will you be open for business?

We are targeting for a soft launch in Q1 2018. Join our mailing list and we will keep you informed of our progress and launch date.

Products & Services

Q: What products and services will you have?

We will have Multi-Currency Deposits, Multi-Currency Remittances, Foreign Exchange service and Margin Financing in our first phase. Subsequently we will work on bringing you more products and services. We are setting up affiliated companies in Hong Kong to provide investment and wealth management services.

Q: Is there a minimum deposit?

There will be no minimum deposit for BVI companies. There may be a minimum deposit for other companies or individuals and we are in the course of setting up a policy in relation to the same.

Q: How do I deposit money?

We accept electronic transfers through bank transfers and payment services. At this stage, we do not accept cash deposits.

Q. What currencies do you accept?

We expect to accept and transact in all major currencies and will release the list before our launch.

Q. How do I access my money?

You can transfer money electronically to other bank accounts or withdrawal cash through at ATMs when that becomes available.

Q. What are your fees?

We are working on keeping our costs competitive and will release our tariffs prior to our launch.

Security

Q. Is my money safe?

The bank will be regulated by the BVI Financial Services Commission (“FSC”) in accordance with international standards. The bank will also be subject to regular FSC inspections and have external auditors appointed. The bank intends to adopt a conservative lending strategy, and in addition will be able to offer, through affiliates, money market funds as an alternative to bank deposits.

Q. What will you do with my money?

Besides being a depository for your cash, through our affiliates, we will provide a team of professional advisers and technology tools to help you manage your wealth in conjunction with your Investment Objective Settings, and your Risk Tolerance. You will be taken through a development process so that your plan is customized to you and explores opportunities to grow your liquid assets held with us.

Q. How do you ensure my personal information is safe?

All your personal information is encrypted during transit over the internet and at rest in our database. Our infrastructure are continuously audited for dozens of compliance programs.

Q. How do you prevent unauthorised access to my account?

Our bio-metric, multi-factor security login system ensures secure and authorized access to your account. Cyber-security is a major endeavour of ours and we will install world-class technology in multiple layers to ensure the security of your data.