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.
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*This article was originally published by Africa Legal