OV E RV I E W
BVI to embrace digitalisation to further innovate funds industry By James Williams
T
he theme of digitalisation took centre stage at the annual Meet the Regulator Forum held by the BVI’s financial regulator, the Financial Services Commission (‘FSC’) this July. During the forum, Deputy Managing Director, Corporate Services of FSC, Jennifer Potter-Questelles emphasised the importance of embracing digitalisation, stating that “digitalisation is our ticket” and that as the FSC continues to innovate, so the industry is encouraged to do the same at all levels of their organisations. As BVI Finance highlights on its website, Potter-Questelles said that integrity and sustainability of the industry are dependent on all the collective parts and more importantly on our connections to each other. “Weak links, 6 | www.hedgeweek.com
whether large or small can have significant effect and impact. Sometimes size doesn’t matter, but strength always does. We need every connection to be strong,” she was reported to say. Offshore jurisdictions are placing great importance on digital transformation in financial services. Not only does blockchain technology have the potential to revolutionise asset servicing (think smart contracts, AML/ KYC processes, automated reconciliation and investor subscriptions), it could open up a huge array of investment opportunities as entrepreneurs seek to finance their ideas with security token offerings (STOs). Not to mention the continued evolution of crypto strategies. Christopher Simpson is Partner, Corporate BVI REPORT | Nov 2019
