Business
National Bank of the Virgin Islands wins Bank of the Year
Awardees
By MERRICK ANDREWS, Online News Editor
(JTV News) — The National Bank of the Virgin Islands stamped its reputation as a leading financial services provider — if not the best — in the territory after collecting two awards including Bank of the Year during a recent cocktail reception to announce the Financial Services Awards 2022.
The event was held on February 15, 2023, at the newly opened LvL3 Rooftop Prime Restaurant in Road Town, Tortola.
National Bank also won the Best Corporate Social Responsibility award.
To top off a great evening for the National Bank, an employee, Chantee Mathavious, won the Future Leaders Award.
National Bank CEO
According to its website, the Bank describes itself as a customer-centric bank as it strives to “help everyone get ahead”, adding that its values are professionalism, accountability, respect, attitude, dedication, integrity, social responsibility, and excellence.
“As a leading financial services provider, we are committed to personalized service that goes above and beyond your expectations. We know that our customers have different financial needs, and we can provide unique services and resources to achieve your goals… We are committed to constantly expanding our services and offerings to create value for every customer,” the Bank states on its website.
The Government of the Virgin Islands is the Bank’s majority shareholder (67 percent), and the Social Security Board is the minority shareholder (33 percent).
The leader of the National Bank’s executive management team is Joy Penn who has been the chief executive officer since 2013.
Meanwhile, other 2022 big winners were Harneys who received three awards: Tech Savvy Firm of the Year, Law Firm of the Year, and Corporate Services Provider of the Year.
According to the GIS, other winners include KPMG (Auditor of the Year and Accounting Firm of the Year), BVI Financial Services Commission (Regulator of the Year), Caribbean Insurers (Insurance Agency of the Year), and Deloitte (Insolvency Practice of the Year).
The Compliance Officer of the Year award went to Roschelle Smith of CIBC First Caribbean International Bank; and the Lawyer of the Year is Jenelle Archer of O’Neal Webster.
GIS said in a press release that the awardees were nominated and voted winners by their peers through an online voting platform.
“The 1,915 votes submitted in the 13 categories yielded the results,” the release said.
Kye Rymer, who was the acting premier at the time, congratulated the financial services industry for their continued hard work and efforts that keep the industry and the BVI’s economy thriving, according to the release.
The government of the British Virgin Islands (BVI) has issued a tender for proposals to revolutionise its digital economy. This ambitious project will involve the development of digital identities, ID systems, payment platforms and data exchange frameworks. The winning bid will be responsible for evaluating the current state of government agencies and the territory’s digital public infrastructure.
According to the tender released on September 12, the chosen consultant will report directly to the Permanent Secretary and collaborate closely with the Digital Transformation Steering Committee. The consultancy will be structured into three key phases:
Phase One: Digital Maturity Assessment
This phase will involve assessing the current digital maturity of government entities by identifying gaps and benchmarking against best practices. The assessment will cover IT infrastructure, policies, platform development and maintenance, service delivery channels, data management practices, and the digital literacy of government employees.
Phase Two: Strategy Development and Implementation Roadmap
In this phase, the consultant will develop a comprehensive Digital Transformation Strategy and an implementation roadmap. This will include outlining initiatives, timelines, resource allocation, prioritisation, risk management, and a Monitoring, Evaluation, and Learning (MEL) framework.
Phase Three: Enabling Environment
The final phase will focus on reviewing the existing legal, regulatory, and policy framework. The consultant will propose reforms to align with international standards and best practices in data protection, cybersecurity, and emerging technologies.
The tender explained that this phase will also aim to promote innovation and growth in the digital economy while safeguarding public interest and consumer rights. Additionally, it will ensure that digital transformation efforts are inclusive and suited to the specific context of Caribbean Small Island Developing States (SIDS).
The consultant will also conduct a cybersecurity risk assessment and develop a comprehensive cybersecurity framework.
Wally Castro Marine, organisers of the 2024 Xmas in July event, have donated £6,000 to Beyond the Reef, a non-profit organisation dedicated to marine education and preservation in the British Virgin Islands. The funds were raised through the sale of the event’s official reusable stainless steel tumblers, one of several eco-friendly initiatives introduced this year.
“This initiative reflects our desire to raise awareness about the importance of protecting our beaches,” said Wally Castro, owner of Wally Castro Marine. “We are proud to support a local organisation that shares our dedication to environmental stewardship.”
The 2024 Xmas in July event, held on 20th July at Pond Bay Beach in Virgin Gorda, attracted nearly 5,000 attendees and 500 vessels. It set a new standard for eco-conscious planning by minimising its environmental impact through reusable products and strict waste disposal measures.
Members of Beyond the Reef were actively involved in overseeing tumbler sales, while the Valley Sound Lions Club provided local dishes, further supporting the fundraising efforts.
“We are deeply grateful for this donation,” said Kendyl Berna, founder of Beyond the Reef. “Our oceans are a vital but fragile resource, and it’s crucial that everyone who enjoys the sea does so responsibly.”
The event, organised by Wally Castro Marine in partnership with the BVI Tourist Board and Marcos Rivera, highlights the importance of sustainable tourism in the region.
“By choosing the BVI, attendees support our local economy and marine tourism industry,” said Clive McCoy, BVI tourism director. “They also help our local non-profits continue their vital work.”
For more information, visit Wally Castro Marine’s website or contact the BVI Tourism Office in Puerto Rico.
Leading telecommunications provider Flow has reaffirmed its commitment to fully restoring its fixed network, including broadband, landline, and television services, after widespread damage from Tropical Storm Ernesto. The company’s technical teams have been working tirelessly to reconnect customers affected by the storm, which disrupted essential services across the region.
Since Ernesto made landfall, Flow has mobilized additional resources, including field technicians and engineers, to expedite recovery efforts. The primary focus has been on assessing and repairing damaged infrastructure, reconnecting homes and businesses, and ensuring that critical services are brought back online throughout the Territory.
“Within the first three days, we restored 95% of mobile connections. Our fixed network connectivity has significantly improved from 20% to 93% for internet service,” said Nadia A. James, Marketing and Communications Coordinator at Flow. “Our teams are dedicated to restoring connectivity for impacted customers and are working around the clock, seven days a week, to make this happen. We will continue to update the community on repair progress.”
Restoration efforts are underway in numerous Tortola communities, including Belle Vue, Road Town, Huntum’s Ghut, Lower Estate, Long Look, Greenland, Fat Hog’s Bay, Sea Cow’s Bay, Towers, Carrot Bay, Mount Healthy, Spooner’s Estate, and Chalwell Estate. Concurrent work is also taking place in Virgin Gorda.
“We know how vital connectivity is, especially in the wake of a storm,” added James. “Our goal is not just to restore services but to rebuild a stronger, more resilient network that can withstand future storms. We are committed to reconnecting our customers and delivering the reliable service they expect from Flow.”
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