Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

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.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
×