Youth in the Territory are invited to participate in an essay competition and share their views on the future of the financial services industry and the role of young people in preparing to advance this sector.

The competition is one of the many sensitisation tools being implemented by the Government of the Virgin Islands as the financial services industry prepares for a major transformation aimed at revitalising the industry.

The competition is open to students between 16 to 19 years of age who are enrolled in either the H. Lavity Stoutt Community College, or in one of the Territory’s secondary schools. The winning entrant will receive a grand prize of an iPad Air complements of the Financial Services Implementation Unit.

Executive Director of the Financial Services Implementation Unit, Mr. Kedrick Malone stated, “One of the very key recommendations that came out of the report commissioned by the Government of the Virgin Islands entitled, "Building on a Thriving and Sustainable Financial Services Sector in the British Virgin Islands" is that we build BVIslander/Belonger capability by investing in the development of BVIslander/Belonger talent and creating opportunities for them to enter, contribute and participate more meaningfully in the industry.”

Mr. Malone said that the competition is one avenue to achieve this recommendation and is encouraging all schools to participate fully in the programme as work continues to move the financial services sector and the Territory in a new direction.

Students are required to write on ways to make young people more aware and educated about financial services as an industry, the role the industry plays in supporting the standard of living in the Territory and the opportunities it offers young people for the future.

Additionally, submissions must include the steps that can be taken to better prepare young people to take advantage of opportunities for professional careers in the financial services industry.

Submissions must reflect the theme of the competition "Building on a Thriving and Sustainable Financial Services Sector in the British Virgin Islands” and must be composed exclusively for this competition. Entries are to be submitted by Monday, September 14, and can be emailed to pclyne@gov.vg. The winner will be announced at the Grand Launch of the Financial Services Engagement Initiative on Thursday, September 17. Contest details and guidelines can be found on the Government website at bvi.gov.vg.

In addition to receiving an iPad Air, the winner will also serve as a financial services champion and spokesperson along with other members of the community and members of the financial services sector.

The Government has the implementation of the recommendations of the Financial Services Consultancy as its highest priority and efforts have commenced to implement the recommendations of the study.  The establishment of the Financial Services Implementation Unit was one of the immediate steps taken to ensure success of the recommended plans.

Note to Editors:

• Competition Guidelines attached.

• In April 2015, the results of the three month study commissioned by BVI Government and facilitated by global consultants McKinsey & Co., with involvement of the industry and other stakeholders, was released. The goal of the study was to lay out a logical strategy and implementation plan to ensure a thriving and sustainable Financial Services sector in the BVI. Copies of the report can be located at bvi.gov.vg/media-centre/final-report-released-financial-services-sector