Saturday, Dec 09, 2023

Hong Kong Protests Pose No Issue For BVI Financial Services

Hong Kong Protests Pose No Issue For BVI Financial Services

The BVI’s Asia based financial services office has not been affected by the ongoing protests in Hong Kong, neither has the demonstrations affected Territory’s business in that region. This announcement was made by Premier and Minister for Finance, Hon.
Andrew Fahie in response to questions that were posed on the matter by Leader of the Opposition, Hon. Marlon Penn and Opposition Member, Hon. Julian Fraser.

For months, Hong Kong has been seeing repeated pro-democracy protests that started over citizens’ unhappiness about a Bill that was proposed.

In noting that the Territory has business interest and an office in that location, Hon. Fraser in his question to the Premier enquired about the safety of the staff of BVI House Asia.

In his question, the Leader of the Opposition noted that some 40 percent of the Territory’s financial services business is concentrated in Asia. Therefore, Hon. Penn asked the Premier if he has a team in place, focused on looking at this issue.

Hon. Fahie while responding to both questions at different intervals of the Q&A portion of the October 17 sitting of the House of Assembly, assured that the protests do not have any effect on the Territory’s business or its staff.

Hon. Fahie mentioned that BVI House Asia, under the direction of the Premier’s Office, has been closely monitoring the protests, which have been taking place since June 2019.

“The office staff is safe, and every measure has been taken to ensure that they are not placed in harms way at any period. The physical office is in a secure central location and under no threat from protesters. As such, they are able to continue to work as representatives of the Government of the Virgin Islands unimpeded,” Hon. Fahie told the House of Assembly.

Regarding the financial services industry, the Premier noted that the impact from the protests have been minimal, with no significant effect on the function of the industry as it relates to the BVI as a jurisdiction of choice.

“No evidence from any credible institution has been cited to indicate otherwise. With few exceptions, generally most protests are held on the weekends and are announced ahead of time so the authorities and the media are aware of impending obstructions,” the BVI leader stated.

Further, Hon. Fahie said that although the protests have spiraled into violence, it occurs largely around weekend hours.

Additionally, the Premier noted that economic loss due to the protests have surrounded transportation and Chinese businesses, etc., not the BVI’s financial services.

“Having no direct impact on financial services from a regional perspective. In the midst of the escalating civil unrest in the city, most business entities in the financial services sector have continued to operate as usual, including BVI House Asia,” he noted.

Meanwhile, Hon. Fahie disclosed that there is some resiliency in the sector. He pointed out, “While China and the Asia Pacific constitutes some 40 percent of the BVI industry, Hong Kong houses numerous corporate service providers with branch offices around the world, including BVI. These offices are globally positioned to continue business.”

Further, the Premier noted that his office has been continuously monitoring the situation to note any significant changes that would impede the function or impede uses of the financial services products.

Related Articles

Venezuela Steps Up Claim on Guyana's Essequibo Region
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
Swedish Embassy in Baghdad Engulfed in Flames Amidst a Firestorm of Protests
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
An Ominous Shift in Warfare: Western Powers Risk War Crimes and Violate International Norms with Cluster Bomb Supply to Ukraine
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution