New regulations in the British Virgin Islands are transforming
the offshore centre into an international fintech hub—and
African companies could benefit.
The global fintech industry is growing rapidly. Revenues from
fintech businesses are expected to hit €188 billion by
2024—an almost 75% increase compared to 2019 levels,
according to Deloitte.
Against that backdrop, international financial centres are eager
to attract fintech companies to their jurisdictions. The British
Virgin Islands (BVI) is no different. Last August, the BVI
introduced its Financial Services (Regulatory Sandbox) Regulations
to supplement the territory's recently updated Financing and
Money Services Act, put in place to establish the BVI as an
international hub for fintech businesses.
