The Government of the Virgin Islands signed a Memorandum of Understanding with the Government of Hong Kong Special Administrative Region to strengthen cooperation with one of Asia’s leading financial centres and unlock future cross-market opportunities between both jurisdictions during Hong Kong FinTech Week x StartmeupHK 2026, which is being held from November 2 to 6, 2026. Photo: GIS

The Memorandum of Understanding was signed between the Ministry of Financial Services, Economic Development and Digital Transformation and Hong Kong’s Financial Services and the Treasury Bureau. Photo: Internet Source

Under the newly signed MoU with Hong Kong VI MSMEs will benefit from provisions strengthening government-to-government cooperation on policies and programmes to advance the Territory’s MSME framework. Photo: Internet Source

Hong Kong FinTech Week x StartmeupHK 2026 is being held at the Hong Kong Convention and Exhibition Centre and other venues across the city. Photo: Internet Source

The MoU between the Ministry of Financial Services, Economic Development and Digital Transformation and Hong Kong’s Financial Services and the Treasury Bureau was signed during Hong Kong FinTech Week x StartmeupHK 2026, which is being held from November 2 to 6, 2026, at the Hong Kong Convention and Exhibition Centre and other venues across the city.

It builds on the VI’s longstanding relationship with Hong Kong and forms part of the Government’s wider strategy to diversify and forge new international partnerships, enable greater market access for VI-based businesses while simultaneously strengthening the resilience of the Territory’s financial services industry.

VI MSME to benefit 

A press release from the Government Information Service (GIS) announcing the agreement explained that VI Micro, Small and Medium Enterprises (MSME) will benefit from provisions strengthening government-to-government cooperation on policies and programmes to advance the Territory’s MSME framework, enabling local businesses and entrepreneurs to capitalise on opportunities arising from the partnership. Furthermore, the memorandum will provide practical support for eligible VI tech businesses, MSMEs and financial service institutions seeking to establish or scale up their operations in Hong Kong, including a range of incubation and entrepreneurship programmes that offer dedicated funding, workspace and mentoring support.

The MoU also establishes a framework for closer collaboration across several focus areas, including green and sustainable finance, with further opportunities to explore the development of ESG-related investment products such as bonds and funds, as well as insurance-linked securities. 

By actively strengthening commercial and professional relationships between the VI and Hong Kong, it will also facilitate the increased exchange of knowledge and expertise around the fintech ecosystem, particularly in digital assets and tokens, helping to deepen mutual understanding of emerging financial products while promoting the continued use of VI corporate vehicles and investment structures, the press release stated.

Strengthening VI’s financial services 

Hon Lorna G. Smith, OBE, (AL), who signed the agreement on the government’s behalf, said, “By helping eligible firms establish and deepen their presence in Hong Kong, for example by supporting a range of incubation and entrepreneurship programmes that offer dedicated funding, workspace and mentoring opportunities, the agreement can support those seeking to establish or scale up their operations in Hong Kong while contributing directly to the growth and innovation of our domestic sector.”

She noted, as detailed in the 2027 National Budget address, that the financial services industry is central to the VI economy, and that its continued competitiveness and resilience are vital for our ability to secure a sustainable future for the VI.

“I believe that the MoU will strengthen both its resilience and its future competitiveness in a rapidly changing global landscape, ensuring it continues to play a pivotal role in the BVI economy for decades ahead.”

VI is Hong Kong's 'oldest commercial partners'

Meanwhile, Mr Joseph H. L. Chan, Under Secretary for Financial Services of the Hong Kong Special Administrative Region, said the VI is one of Hong Kong’s oldest commercial partners. 

“The present agreement reconfirms that well-established relationship by creating a platform for deeper engagement through which we can further strengthen our respective financial services sectors.”

He added that they look forward to welcoming eligible VI MSMEs who wish to establish a presence in Hong Kong. 

“[We] have designed a range of tailored support measures aimed at facilitating faster market access while also providing wider technical assistance to the BVI across several key economic areas.”