New offshore bank to launch in Dominica

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966
Roseau, Dominica

ROSEAU, Dominica — In late 2018, Digibank will join the ranks of Class-A licensed offshore banks in Dominica. Digibank aims to incorporate technology to traditional offshore bank services to achieve three crucial comparative advantages, namely full digitalization, faster processing speed and lower transaction cost.

Dominica is one of the nine members of the Eastern Caribbean Central Bank (ECCB). Its conservative policy of building up exchange cover for the Eastern Caribbean dollar to a much greater extent than required by its basic agreement has led to monetary stability for member countries and made the EC dollar one of the strongest currencies in the region.

With the rise of fintech and the proliferation of business models that ride on technological innovation, the world has seen unprecedented arrivals of new companies that offer financial services that is not limited by geography. Asian tech giants such as Alibaba and Tencent all have a great vested interest in this area.

The boom of Asia led mainly by the second global superpower – China – will continue to spur the need for international mobility of funds. With awareness and market acceptance for offshore banking services in Asia increasing from 5.6% to 13.4% between 2005 to 2015, and the availability of new technology within the finance sector, an opportunity for the marriage of fintech and offshore banking presents itself.

Digibank enters the financial industry with a strong inclination towards technology, riding the fintech wave of innovation that has only just taken flight.

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4 COMMENTS

  1. “The following Dominica offshore banks were registered with the National Financial Services Unit (FSU) as of January 2017. Please note that some of these offshore banks may be considered by the Dominica Financial Services Unit as non-compliant with regulatory standards. So once again, you are choosing to help criminals conduct their business. turning a blind eye does not spare any of you.

    Americas Bank Inc (Since 2015)
    Arton Bank Corporation (Since 2014)
    Bandenia Bank & Trust Inc (Since 2015)
    Bank of Denia Ltd.
    Barnett Capital Bank (Since 2011)
    Cathedral Investment Bank (CIB) (Since 2015)
    Commonwealth Bank (Since 2010
    Fort Bank Inc.
    Bank Corporation (Since 2013)
    Interoceanic Bank of the Caribbean Inc
    NESO Bank Inc.
    Paxum Bank Limited
    Standard Commerce Bank Ltd.
    Zuma Bank Corporation (Since 2015)
    Brilla Bank and Trust (Since 2012) (Non- Compliant: Cease and Desist Order)
    ASA Bank and Trust (Since 2012)
    FGC Bank and Trust (Since 2012)
    Interoceanic Bank of the Caribbean Inc (Since 2015)

  2. FYI : We have 3 new banks in Dominica: between February and May 2017 ! Astérix

    LICENSED OFFSHORE BANKS:

    Activa Bank Corporation*
    Americas Bank Inc* (*2015 but only now MoF decided to post on website)

    Interoceanic Bank of the Caribbean Inc * (*2015 but only now MoF decided to post on website)

    Dominica #Offshore banking legislature in a nutshell:

    Banking Description:
    Offshore banking business is exclusively in the currencies other than East Caribbean Dollar.

    Tax Benefit:
    No income tax , capital gains tax, or other direct tax may be levied upon profits or gains.

    Reserve Requirement:
    Must transfer to reserve fund not less than 25% of profit in cases where the reserve fund is less than the issued paid up capital.

    Capital Requirement:
    Total paid up capital together with is reserves of accumulated net profits amount to no less than US$1 million

    Banking Restriction:
    Except with written approval, offshore banks shall not accept a resident of #Dominica as a customer for any offshore banking services.

    Physical Presence:
    Offshore bank must have a representative office

    License fee
    Annual License renewal of US$8,000

    On December 29, 2003 the National Commercial Bank of Dominica was sold privately to an offshore bank under the name #Government and changed NCBD name to the National Bank of Dominica Ltd. (NBD). In Parliament, The DLP chose to Repeal the “National Commercial Bank Of Dominica Act” , the registration of the National Bankof Dominica (NBD) under the Companies Act and the divestiture by the Government of Dominica of its majority shares in the Bank. #Government is the largest single shareholder of this newly formed National Bank Of Dominica.

    #QUESTION:
    1. Who are the owners of #Government Bank?
    ???????????????????????

    2. Who are the current published board of directors?
    ➖Mr. Anthony John (Chairman)
    ➖Mr. Paul Moses (Deputy Chairman)
    ➖Mrs. Hazel Johnson
    ➖Mrs. Lorna Shillingford-Charles
    ➖Mr. Gibbs Stephenson
    ➖Ms. Genevieve Astaphan
    ➖Mr. Rudialle Thomas
    ➖Mr. Phillip White

    3. Who is the ex officio /managing director?
    ➖Ellingworth Edwards

    4. Who is the current Chairman?
    ➖Mr. Anthony John (Chairman)
    ➖Mr. Paul Moses (Deputy Chairman)

    5. Who is the CFO?
    ➖Linda Toussaint Peter

    6. Who is the Manager of Risk and Compliance?
    ➖ Mrs Carol Robinson- Lawrence

    7. Who is the Manager of Banking Services?
    ➖Ms Nellisa Anselm

  3. Let the games begin….I see a repeat of history in the near future. Citizens be safe!

    Bobby Wahi owns over a dozen different BVI companies, a former car dealer, was invited to be the Honorary Consul to Spain for the Commonwealth of Dominica by Prime Minister Roosevett Skerrit (May 2006);
    In 2007 an application to run an offshore bank, known as Private Capital Bank, based in the the Caribbean was approved by Eastern Caribbean central bank [1] and the government of Dominica. The bank was successful in raising operating capital in excess of 100M USD.

  4. The Government of the Commonwealth of Dominica (GOCD) should fully implement and enforce the provisions of its legislation and provide additional resources for regulating offshore entities, including immobilizing the bearer shares of current “shell companies.
    The Government of the Commonwealth should stringently regulate Internet gaming entities.

    Dominica should take measures to update its antimoney laundering regu lations and guidance notes to reflect current international standards. In addition, Dominica should conduct awareness training for financial institutions, specifically banks, to ensure their understanding and compliance of STR reporting requirements.

    The GOCD should either commit to engage in scrupulous due diligence on Economic Citizenship applicants, or eliminate the program. Per its agreements with the United States Government (USG), Dominica should make efforts to share information with the USG in an effective and timely manner as stipulated under the terms of its MLAT and Tax information Exchange Agreement.

    The GOCD should also become a party to the UN Convention against Corruption and the UN Convention against Transnational Organized Crime

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