Press Release 16 of 2024 - BVI Financial Services Commission Reflects on the International Day of Banks

BVI Financial Services Commission Reflects on the International Day of Banks

Tortola, British Virgin Islands – 27 November 2024 – The BVI Financial Services Commission (the FSC) through its financial literacy programme, MONEY MATTERS BVI joins the global financial community in observing International Day of Banks on 4 December 2024, celebrating the crucial role banks play in fostering economic development, financial stability, and innovation in the financial services sector. 

The FSC, as the regulator of financial services in the Territory, underscores the importance of a robust, transparent, and well-regulated banking system that sustains the Territory’s stellar reputation as a premier international financial centre. With the support of local banks, commemorative messages will be released in the coming days through the FSC’s social media pages highlighting each banks’ insights on their approach to strengthening the financial landscape for the future of the British Virgin Islands.

Reflecting on the occasion, Managing Director Mr Kenneth Baker highlighted the vital partnership between the regulator and banks operating within the Territory. Mr Baker stated: “Banks are the backbone of both our local economy and the international financial services ecosystem. Their role extends beyond providing credit and financial services to fostering innovation, driving sustainable development, and building trust among stakeholders. The BVI Financial Services Commission remains committed to ensuring that the Territory’s regulatory framework supports a resilient and adaptable banking sector, capable of meeting the demands of a rapidly evolving global landscape.”

Mr Baker also commended the contributions of banking institutions in the BVI towards promoting financial inclusion and stability. “We commend the efforts of our local and international banking partners for their commitment to sound practices, compliance, and innovation. As we celebrate the International Day of Banks, let us reaffirm our collective responsibility to uphold the principles of transparency, resilience, and sustainability that underpin the success of the BVI’s financial services industry.”

The FSC remains steadfast in its mission to regulate and supervise the financial sector, ensuring that the Territory remains a global leader in providing high-quality financial services. As the industry continues to navigate challenges and opportunities, the Commission will work alongside its stakeholders to promote a banking environment that prioritises integrity, accountability, and growth. 

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]