Executive Director of the International Finance Centre Kedrick E. Malone speaking at the reception to launch brand BVI Finance. Photo: VINO

Some of the other guests at the event on Wednesday night. Photo: VINO

Ms Lynette L. Harrigan (right) of the BVI Tourist Board at the launch of BVI Finance. Photo: VINO

Some of the re-branding memorabilia on display during the cocktail reception. Photo: VINO

The centre had a launch of its re-branding efforts at a cocktail reception held at Maria's by the Sea on Wednesday March 4, 2015.

"The rebranding is in response to the changing environment of financial services. We all appreciate that the industry is going through a transition and a transformation and BVI is preparing to redefine the brand so that the framework for future plans will already be in place," said Executive Director of the International Finance Centre Kedrick Malone, speaking to reporters following the launch.

The rebranding will see the name of the International Finance Centre changed to BVI Finance. "There is also a move towards a more private sector driven organisation where the BVI Finance would include members of the private sector who will have a say in how the jurisdiction promotes itself," he said.

"It will be apart from government and that will give the industry a more responsive mechanism for representing itself and also to respond to the challenges that the industry is facing," he said.

According to Malone, a study by international consultantcy firm McKinzie and Company recommended a more private sector oriented organisation and that recommendation is going to be implemented through the Premier’s Office. He said too that the time frame for implementation is still being worked out.

"But until that time we are beginning the process. We are putting the necessary structures in place, we have increased the collaboration with the private sector, we have increased their engagement and involvement as we did during this whole rebranding to make sure that what the government does is in partnership with the private sector to make sure it meets the needs of the market," he said.