Remarks by                                                               

Honourable Lorna Smith OBE

Fintech on the Seas 2025

25 June, 2025

Good day,

As Patron of FinTech on the Seas, it is a pleasure to welcome so many high-level regulators, founders, fund managers, and tech pioneers to the British Virgin Islands. Each of you play a vital role in shaping the future of digital finance, and we in the BVI Government are delighted that you have joined us.

Before we dive into the compelling discussions ahead, I want to begin with a few words of appreciation.

First, thank you to the Necker Island team for enabling us to host FinTech on the Seas in such fabulous surroundings and helping us to facilitate what I know will be a fascinating two and a half days of discussion. “Our final sessions at Oil Nut Bay promise to be in an equally spectacular setting, so our guests who have come from near and far especially our friends in the Caribbean and LatAm region, including a good number from the Cayman, to colleagues from across Europe, the US and Canada and of course Asia, Welcome! I can promise you, you are seeing some of the best of what the BVI has to offer.

We are also grateful to our corporate sponsors, this event would not have happened without them. I extend special thanks to Ethan Wang, CEO of the Hong Kong office of our title sponsor, LTP. I also recognise our other sponsors, who have provided critical support in positioning the BVI as a leading FinTech jurisdiction. For example, Ogier recently advised on the first dual licensing application for a Virtual Asset Service Provider and investment business, under the Securities and Investment Business Act — a milestone that reflects our evolving regulatory landscape.

Thanks, must also go to the Financial Services Commission, our regulator. The BVI Government has long championed a regulatory regime that is robust, yet flexible enough to foster innovation. You will hear much about that over the coming days.

Finally, my sincere thanks to the Conference Steering Committee and co-chairs for their tireless work and unwavering commitment to make it happen! – Liz Barahona, Ronan Kuczaj, Ayana Hull, Trevaughn Smith, and Elise Donovan. A special thanks to the entire BVI Finance Team led by CEO Elise Donovan for working around the clock 24/7 to bring the idea of Fintech on the Seas to fruition. Two years ago, this event was merely an idea — a gleam in Elise’s eye. Thanks to your leadership, Elise, and the hard work of your team, that vision is now a reality.

Welcome, and thank you all for your support.

It is my firm belief that FinTech on the Seas 2025 marks an essential expansion of our collective ambition.

We have a full agenda ahead, but I would like to take a few moments to share how the BVI is positioning itself to be at the heart of the global digital finance movement.

Over the past decade, technological progress has propelled fintech and digital assets from the fringes into the mainstream of global finance. The BVI was among the first jurisdictions to recognise the potential of this transformation. Our launch of a Regulatory Sandbox in 2021 was a pioneering move, designed to test and support new business models in a secure environment.

Since then, we’ve continued to strengthen our regulatory and human capital foundations, reassuring those involved that we know their needs, have the right expertise to support them and can respond quickly and effectively. We speak their language! As one of the expert contributors to BVI Finance’s new report, Destination Digital, puts it: "The BVI has developed into a financial hub that offers tested, responsive regulatory frameworks, access to financial infrastructure, and experienced service providers with the technical depth and sector fluency fintech demands."

This success is no accident. It reflects an intentional and collaborative approach — one that combines innovation with a steadfast commitment to integrity.

But technology alone is not enough. The human element remains critical — in judgment, in creativity, and in building the relationships that underpin trust and progress.

The investment in our people is critical. Through tailored educational initiatives, we are building a pipeline of talent equipped to guide and grow specialist digital asset businesses. We’re joined today by President Richard Georges of the H. Lavity Stoutt Community College, a co-sponsor of this event, as well as a representative from the Robert Mathavious Institute for Financial Services. Their presence speaks to our belief that education is the engine of innovation.

Technological change will not slow down. Nor should it. From artificial intelligence to tokenization, embedded finance to RegTech, the frontier continues to expand. We in the BVI embrace this change, and we are already applying these technologies to areas such as compliance and financial crime prevention.

Today is a milestone event in our decisive pivot to fintech and digital asset management expanding our well-established financial services sector to embrace a more diversified portfolio of digital and fintech offerings. This evolution not only strengthens our regulatory architecture, but also actively encourages the development of innovative products and services in areas such as blockchain infrastructure, digital identity, and financial technology solutions tailored for global use. 

It is our intent to continue to shape the digital future and as we move to the next level, we believe we have laid the foundation for a secure and forward thinking digital financial ecosystem. Married to BVI’s world class legal system, regulatory excellence and continued commitment to innovation we believe we are well positioned as a global leader in this critical area of global business.

I am proud and excited to be Patron of FinTech on the Seas. Our goal is clear: to shape the digital future of finance with foresight, responsibility, and impact.

Let’s use the next two days not just to talk about the future — but to shape it, together.

Thank you.