New offshore bank coming to Dominica in 2018

Dominica is set for a new offshore bank this year, with Digibank announcing plans to begin operations.

According to a press release, the company is hoping to ride a trend of globalised wealth and and is hoping to bring technology into offshore bank services.

Dominica, one of the nine members that make up the Eastern Caribbean Central Bank, has been praised by Digibank ahead of the opening.

“[Dominica’s] 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,” a Digibank statement said.

Booming economies in Asia, led mainly by China, has caused an increased need for international mobility of funds.

According to Digibank, awareness and market acceptance for offshore banking services in Asia increased from 5.6% in 2005 to 13.4% by 2015.