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Virgin Islands, British

No Open Banking

A British Overseas Territory in the Carribean.

According toĀ Kepios, 78% of the population of the British Virgin Islands had access to the Internet at the beginning of 2022.

Open Banking servicesĀ are not a regulated activityĀ as such unless the activity constitutes a payment service within the meaning of the Financing and Money Services Act (2020 Revision)(FMSA). Unlike, for example, the second EU Payment Services Directive, the FMSA does not provide for a separate legal framework that regulates Open Banking Fintech, service providers.

The British Virgin Islands is a British Overseas Territory. Crown Dependencies and British Overseas Territories do not come under the Competition and Markets Authority (CMA) order; therefore, the Open Banking Implementation Entity (OBIE) does not have any mandate or remit over them. However, the UK Open Banking Standard is completely open for anyone to use. OBIE has also built a separate domain for Crown Dependencies within the commercialĀ Tech DirectoryĀ onboarding platform.

There isĀ no data protection legislationĀ in the British Virgin Islands (BVI). However, BVI service providers will need to comply with international data protection requirements.

The British Virgin Islands suffer fromĀ skills gaps, and some employers find it hard to find talent even in the entry-level position. The situation worsened during the pandemic when having a vaccination was often a hiring requirement.