Speaking at the December 3, 2019, opening of the ‘BVI's Digital Economy symposium’ at Maria’s by the Sea, Premier and Minister of Finance, Honourable Andrew A. Fahie (R1), says the Virgin Islands (VI) has an opportunity to use digital currency as an economic driver that can stimulate its economy. Photo: GIS/Ronnielle Frazer

Mr. Phillip Fahie, Ms. Zia Paton, Mr. Sanjay Jadhav, Hon Andrew A. Fahie, Mrs. Rosita Scatliffe-Thompson, Mr. David Pugh-Jones, Mr. Chandra Alluri and Mr. Shankar Rachkonda pose for a photo opportunity at the event. Photo: GIS/Ronnielle Frazer

“FinTech is currently disrupting sectors with services such as mobile payments, money transfers, fundraising, and KYC compliance. This is the new emerging technology that helps consumers or financial institutions deliver services in newer, faster ways than traditionally available,” Hon Fahie told the gathering. 

Embracing Digital Currencies

The Premier noted that digitization is happening globally and the VI has been tapped with a number of proposals that could potentially position the territory as a Financial Technology hub.

Fintech refers to the integration of technology into offerings by financial services companies in order to improve their use and delivery to consumers. 

These technologies result in the creation of digital currencies such as Bitcoins and Ethereum, now used globally as a form of digital currency and this the Premier said can significantly benefit the territory.

“We also have blockchain technology... which offers significant benefits to the BVI, which are paramount to the territory. We welcome this innovative technological advancement with open arms,” Hon Fahie said.

Tech making a big impact - Premier Fahie 

According to the Premier, the new digital wave has made a big impact on economies and all sectors including Government, marine, real estate, banking, agriculture, and commerce.

Present at the symposium were experts on Digital and Financial Technology, who led discussions with stakeholders from the public sector, private sector, banking, financial services commission, information communication, and technology, legal and compliance.