9 September 2022 | Tortola, British Virgin Islands: Bank of Asia continues to support the diversification of the BVI financial services industry by introducing one of the largest globally recognized exchanges to the jurisdiction. Huobi Group ("Huobi"), one of the world’s leading digital asset service providers, has secured approval from the Financial Services Commission ("FSC") of the British Virgin Islands ("BVI"), to operate a licensed virtual assets exchange under its subsidiary Brtuomi Worldwide Limited ("BWL").
BOA Investment Services Limited (BOAISL), a wholly-owned subsidiary of Bank of Asia (BVI) Limited, arranges deals and supports advisory services with its strategic partners. BOAISL successfully managed the BWL Licensing process, including joining the British Virgin Islands Regulatory Sandbox with its strategic partner, GoldLeaf Consulting. The team navigated its licencing as a Crypto exchange under the Securities and Investment Business Act. Bank of Asia looks forward to the highly anticipated Virtual Assets legislation and continuing to contribute to the thriving digital asset industry in the BVI.
Commenting on the approval of the license, Vice-Chairman Lorna Smith, OBE, observed that the grant of this license using the professional support of BOA firmly positions the Bank as a leader in the digital assets space as the BVI moves to further diversify its financial services offerings. She also observed that approval of the BWL license came only after a thorough review of its practices by the BVI Financial Services Commission, which should give future clients full confidence in the integrity of the Exchange.
President Lisa Lou recognized the capacity of Bank of Asia to deliver services beyond traditional banking services. Bank of Asia has reached clients in over 80 jurisdictions and offers an unmatched cross-section of services.
Vice President Deon Vanterpool hailed the license as a pioneering project to change the face of BVI Financial Services and usher in a new era. The regulatory sandbox and licensing process was a learning experience for all involved and strengthened the synergy for all parties. He applauded the Regulator for taking a thorough yet practical approach to supervising and assessing the crypto exchange.
About Bank of Asia (BVI) Limited:
Bank of Asia ("BOA") is incorporated and licensed in the British Virgin Islands ("BVI") with a general banking license. Today, it provides banking services to its customers across 80 jurisdictions on all five continents. Bank of Asia offers banking and asset management services to companies, high net worth individuals, family offices, and trusts across the globe, especially those with interests in offshore jurisdictions, through its digital platform.
In addition to general banking services such as deposits and loans in multiple currencies, cross-border payments, and remittances, it also provides investment banking, corporate advisory and structured financing, private banking, insurance, investment, and asset management services through its business partners. Bank of Asia has a robust KYC/AML regime comprising many world-leading anti-money laundering solutions. With teams in BVI, Hong Kong, Beijing, Manila, and London, BOA has built a world-class cloud-hosted fintech banking services platform.
The Bank’s vision is to change the way people bank by delivering cost-effective, efficient, and user-friendly FinTech solutions underpinned by innovative technologies and robust quantitative analytics in the Know Your Customer and Anti Money Laundering process.
For more details, please visit www.bankasia.com.