Press Release 1 of 2025 - BVI FSC Outlines 2025 Strategic Vision

BVI FSC OUTLINES 2025 STRATEGIC VISION

Tortola, British Virgin Islands – 6 January 2025 – The BVI Financial Services Commission (the ‘Commission’) has outlined an ambitious 2025 strategy focusing on innovation, sustainability, and collaboration. In his Strategic Outlook Message released today, 6 January 2025, Managing Director and CEO Mr Kenneth Baker highlighted the critical importance of adapting to an evolving financial landscape. “Our ability to adapt, innovate, and lead with purpose has never been more critical,” Baker said. “This is about driving meaningful progress that benefits the industry and its stakeholders.”

The Commission’s strategic outlook is centred on six key priorities. At the forefront is innovation, with the Commission determined to embrace the digital evolution in finance. This includes enhancing the regulatory and supervisory framework for Virtual Asset Service Providers, investing in employee development to address real-world challenges like financial inclusion and fraud prevention, and expanding industry guidance and outreach initiatives. “Our goal is clear: to not only keep pace with change but to drive it, ensuring that financial services remain relevant, accessible, and secure for everyone,” Mr Baker stated.

Enhanced risk-based supervision will be another cornerstone of the Commission’s strategy. By deploying advanced tools, the Commission will continue to enhance its regulatory oversight, refining its compliance frameworks and exploring dynamic fee models to address emerging risks proactively. By taking these steps, the Commission aims to buttress the industry’s resilience and ensure its preparedness for future challenges.

Transparency and compliance also remain top priorities for the Commission. Mr Baker noted that the Commission has already begun work on implementing a robust beneficial ownership regime, facilitating information sharing with competent authorities, and developing systems for economic substance compliance. These measures align with stringent international standards and reflect the Commission’s unwavering commitment to integrity and accountability.

Regarding product development, the Commission has committed to fostering innovative and client-focused solutions that enhance the industry’s competitiveness. Legislative reviews and stakeholder partnerships will drive these efforts, further cementing the BVI’s status as a dynamic hub for financial services.

Stakeholder engagement is another critical focus area for the Commission. Regular consultations and forums will be hosted throughout the year, including another Meet the Regulator Forum in Asia on 16 January 2025. These efforts will undoubtedly strengthen collaboration with stakeholders in key markets, ensuring their voices shape the Commission’s strategic initiatives. “By enhancing engagement, we create opportunities for meaningful collaboration,” Baker said.

The Commission will launch its Corporate Calendar for 2025 to further promote transparency and accountability. This calendar will outline the Commission’s planned activities, providing stakeholders with clarity on its priorities and milestones. The calendar will also serve as a platform for industry feedback, fostering alignment and collaboration on important regulatory matters.

As the Commission moves forward with its 2025 agenda, Mr Baker expressed optimism about the road ahead. “The financial services industry is not just a pillar of the global economy—it is a catalyst for innovation, inclusion, and progress,” he said. The Commission’s vision reflects its dedication to excellence, ensuring that the BVI’s financial services sector remains resilient, relevant, and future-ready.

About the BVI Financial Services Commission  
The BVI Financial Services Commission is the autonomous regulatory authority responsible for the regulation, supervision, and inspection of all financial services in and from within the Territory. Its mission is to ensure the integrity and stability of the financial system while promoting the BVI as a premier financial services jurisdiction.

Questions concerning this Press Release may be directed to:

EXTERNAL RELATIONS UNIT
BVI Financial Services Commission
18 Pasea Estate Road, Tortola VG1110
British Virgin Islands
Tel: (284) 494-4190
Email: [email protected]