BVI Finance has presented a Strategy Update to inform local financial services industry decision makers of the plans to further develop the Territory’s financial services industry through marketing and business development initiatives.
The Strategy Update also include details on progress being made as BVI Finance transitions to become BVI Finance Limited, a private company limited by guarantee to fulfill the role of financial services promotion and business development in a public/private partnership.
Welcoming attendees to the event, Interim Executive Director of BVI Finance, Lorna Smith, OBE, reintroduced staff to the audience and explained what their roles will be as the organisation transitions to become a company.
In his remarks, Permanent Secretary in the Premier’s Office and Chair of the BVI Finance Interim Board, Brodrick Penn shared an update on the status of BVI Finance Limited and elaborated on the significance of the transition.
Penn said, “The move to transform BVI Finance into a private company limited by guarantee signals a change in the relationship between government and the private sector and illustrates the Government’s commitment to ensuring that the BVI remains a significant player in the financial services arena.”
BVI Finance’s Head of Business Development, Gary Hales shared the organisation’s plans for 2017 to 2020 which was broken down the strategy into four parts – the strategic aims, 10 key deliverables, the new organisational structure and the benefits of membership.
Going forward, BVI Finance’s three main strategic aims are to enhance partnership with key stakeholders; strengthen the results culture and build capacity and align marketing and business development activities with the jurisdiction’s strategic priorities.
To accomplish these goals, the organisation has established 10 key deliverables which are:
Hales also revealed the new organisational chart, which now includes additional business development and communications roles, and shared the advantageous benefits of signing up for membership with BVI Finance Limited.
Membership benefits include frequent industry communications to keep members and their respective clients well informed on key issues; invitations to BVI Finance events hosted locally, nationally and internationally; discounted rates for attendance at events sponsored by BVI Finance; and access to an exclusive member’s only portal on the BVI Finance Limited website to name a few.
The rollout of the 2017 to 2020 strategy signals a new era for BVI Finance. The revitalised strategy is essential to the evolving collaboration between public and private sector and will help to ensure that the BVI remains an internationally respected financial centre and a global leader in the provision of innovative financial services products.
Commenting on the success of the event, Director of Tovel Investments, Walter Reich, said, “We are looking forward to building on our relationship with BVI Finance as it transitions to become BVI Finance Limited. After seeing the 2017 to 2020 plans, I am confident that the organisation is going to make a significant impact ensuring the success of the jurisdiction as an international finance centre.”
Revamping the International Finance Centre which has since been rebranded BVI Finance is one of the priority initiatives of BVI Forward which seeks to strengthen and reposition the financial services industry.