By Caribbean News Global 
TORTOLA, BVI – The Virgin Islands Deposit Insurance
Corporation (VIDIC) with the cooperation of the British Virgin Islands Financial Services Commission (the Commission) on May 29, took necessary action to wind down operations of Bank of Asia (BVI) Limited.
The decision is based on established legal and regulatory frameworks to protect depositors and preserve stability in the banking sector in the Territory. These steps demonstrate commitment and conviction to sound and prudent regulation that strengthens the financial services industry in the Territory.
VIDIC CEO Lisa Violet offered that:
“Our remit is to provide protection for depositors against the loss of insured deposits placed within member institutions (banks), and to promote and contribute to the stability of the financial system in the British Virgin Islands. I am pleased at the level of cooperation we have received thus far from the local staff and senior management of Bank of Asia (BVI) Limited. We will continue to be vigilant and committed to ensuring that consumers using banks in the BVI are protected. We will provide updates on this process as developments warrant.”
Managing Director/CEO of the Commission Kenneth Baker expressed that:
“The banking sector in the BVI remains stable, strong and resilient. We are resolute that today’s action was necessary based on established regulatory requirements. We remain committed to lending maximum support to VIDIC as per our statutory obligations, in addition to ensuring that the financial services sector in the Territory continues to be well-regulated and grounded in international best practice in banking and all other regulated activities within the scope of the Commission’s mandate.”
The Virgin Islands Deposit Insurance Corporation
The Virgin Islands Deposit Insurance Corporation (VIDIC) is an independent statutory body established by the Government of the Virgin Islands in January 2024 pursuant to the Virgin Islands Deposit Insurance Act to promote and contribute to the stability of the financial system in the Virgin Islands by insuring deposits in member institutions, assessing and mitigating risks to the deposit insurance fund; and minimizing the exposure of the insurance fund to loss and effect on the financial system when a member institution fails.
British Virgin Islands Financial Services Commission
The December 2001 enactment of the Financial Services Commission Act established the British Virgin Islands Financial Services Commission as an autonomous regulatory authority responsible for the regulation, supervision, and inspection of all financial services in and from within the BVI.
Regulated activities which are considered financial services include: insurance, banking, fiduciary services, trustee business, company management, investment business, financing business and money services, and insolvency services, as well as the registration of companies, limited partnerships and intellectual property.
A statement from the ministry of financial services, economic development and digital transformation, said:
“We note the news that Bank of Asia BVI Limited has begun the process to wind down its operations. The government will support all regulatory due processes that this necessitates and remains fully confident in the quality and depth of the jurisdiction’s financial services offer.”
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