Payment Barriers Cost BVI Online Income
The BVI is missing out on revenue from the growing online economy because residents and businesses face high fees and regulatory hurdles when trying to receive digital payments, Chamber of Commerce chairman Sinclair Flemming says. He warns the territory must modernise its payment infrastructure and change limited legislation to allow entrepreneurs and content creators to compete globally.
The British Virgin Islands is losing ground in the global digital economy because residents and businesses cannot easily receive online payments, Chamber of Commerce chairman Sinclair Flemming told the Talking Points radio programme. Flemming said the territory has not kept pace with changes in e-commerce and social media monetisation, leaving young entrepreneurs, content creators and small online shops unable to fully participate in platforms such as Amazon, TikTok Shop and YouTube. "One of the biggest issues now stalling the younger persons... was being able to collect money online," he said.
A central complaint is high transaction and banking fees. Flemming warned that entrepreneurs who sell through global platforms can start "seven percent behind" because of additional charges, a margin that can wipe out profits and make local sellers uncompetitive. The problem has become more urgent as traditional pathways into stable employment — notably trust company roles — have contracted.
Flemming argued that with fewer corporate jobs available, entrepreneurship is a vital alternative for young people and needs a functioning digital payments system to thrive. "We need to be able to push them towards self-determination and getting their own money through whatever e-commerce platform there is," he said.
Regulatory and legislative barriers also obstruct access to international payment systems. Flemming said the Chamber is in discussions with officials at the Financial Services Commission and other government agencies about amending a small number of legal provisions to permit smoother integration with cross-border payment networks. "Apparently some type of legislation needs to be changed, just a few lines, that we are able to then plug into that system," he said.
Flemming listed access to skilled labour as the territory's biggest business challenge, with online payment difficulties coming in second. He urged a comprehensive modernisation of payment infrastructure and government services, adding bluntly: "I don't think we're years behind. We are a lifetime behind." For BVI residents, the stakes are clear: reducing transaction costs and updating regulations could open new income streams, diversify the economy beyond traditional financial services, and give young people a realistic route into self-employment.
Officials have been signalled as being engaged in talks; practical changes would likely require coordination between government, the FSC, banks and payment providers to balance market access with regulatory safeguards.
Primary source: BVI News