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Asprofin Bank Corporation

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Asprofin Bank Corporation
Company typeC Corporation
IndustryFinancial services
FoundedAugust 23, 2012; 12 years ago (2012-08-23) in Roseau, Dominica
Headquarters
Roseau
,
Dominica
Products
Number of employees
100 (2024)
Websiteasprofinbank.org

Asprofin Bank Corporation, known as Asprofin Bank, is a Dominican private bank based in the Commonwealth of Dominica with operations spanning Asia, the United States, the United Kingdom, and the European Union. Founded in 2012, the institution offers a range of financial services including consumer, business, and Institutional banking, along with funds management, investment advisory, and broking services.[1]

History

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Asprofin Bank Corporation was founded on 23 August 2012 in Roseau, Dominica, as a C-Corporation.[2] It is one of the few private offshore banks to have secured a legacy license from the Company and Intellectual Property Office. The bank is supervised by the Financial Services Unit of the Commonwealth of Dominica[3] under section 5 of the Offshore Banking Act No. 8 of 1996, which permits global offshore banking operations.[4] In 2013, the Ministry of Finance licensed Asprofin Bank Corporation to expand its global offshore banking business.[5]

De-Risking of Global Banking for Dominica Entities

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Dominica, along with other Caribbean countries, was designated as a non-cooperative tax jurisdiction by the European Union.[6] The initial blacklist was published in early 2017.[7] In 2019, the Center for Strategic and International Studies reported on the closure of several correspondent banking relationships for Caribbean banks holding accounts with institutions approved by the U.S. Federal Reserve and the European Central Bank.[8] Consequently, Asprofin Bank experienced limitations in expanding its correspondent banking network as global de-risking measures including tax-related blacklists, affected its relationships with institutions subject to U.S. Internal Revenue Service oversight.

Removal of Dominica from Tax Blacklist

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On 5 October 2021, The Guardian reported that Dominica was removed from the EU tax haven blacklist following a meeting of EU Finance Ministers in Luxembourg. The agreement, led by 23 ministers, aimed to eliminate the tax haven designation for Dominica, thereby opening opportunities for Caribbean banks to expand internationally.[9]

International Banking Association of the Caribbean Membership

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On 10 January 2022, Asprofin Bank received membership approval to join the Caribbean Section of International Banking Association, aligning itself with other cooperative banks in the region such as Arton Bank Corporation and the Commonwealth Bank.[10]

Core Business

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Asprofin Bank offers a diverse suite of financial products and services. Its core operations include commercial and investment banking, consumer banking, and a variety of products tailored to both individual and corporate clients.

Fixed Deposits

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Asprofin Bank provides fixed deposit services—known as certificates of deposit in some countries, which offer investors higher interest rates than regular savings accounts until maturity.[11]

Banking Fixed Deposit Services

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In line with global banking practices, Asprofin Bank offers fixed deposit schemes designed to meet various customer needs. For example, Ujjivan Small Finance Bank in India offers fixed deposits with tenures ranging from 7 days to 10 years, with competitive rates and specialized products for senior citizens and tax-saving investors.[12] Similarly, the Bank of Maharashtra offers a range of fixed deposit plans with diverse tenures and attractive rates.[13]

Financial Considerations for Fixed Deposits

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The attractiveness of fixed deposits is influenced by macroeconomic factors such as central bank policy and inflation. Studies indicate that adjustments to base rates by institutions like the Bank of England can impact the interest rates offered by banks including Nationwide, Barclays, and Chase.[14] In the U.S., Federal Reserve policies directly affect CD rates; significant rate hikes during 2022–2023 resulted in two-decade highs, followed by adjustments as inflation moderated.[15][16]

Business Development

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On 12 September 2024, the bank entered into a planned joint venture to develop a US$13 billion data center project in Southeast Asia. This initiative represents an effort to diversify beyond traditional banking and engage in technology-driven infrastructure development.[17]

References

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  1. ^ "Asprofin Bank & 360 Wowcom Reveal $1 Billion Satphone Project, Revolutionizing Global Connectivity". Zee News. Retrieved 25 February 2025.
  2. ^ "Asprofin Bank Corporation - LEI: 9845007F66BCEC5OE706". Bloomberg LEI. Retrieved 25 February 2025.
  3. ^ "Home - Financial Services Unit (FSU)". Financial Services Unit of the Commonwealth of Dominica. Retrieved 4 January 2024.
  4. ^ "Laws - Government of Dominica Web Portal". Dominica Government. Retrieved 6 January 2025.
  5. ^ "Offshore Bank Entities". Financial Services Unit. Retrieved 5 January 2025.
  6. ^ "Taxation: Council adds Dominica to the EU list of non-cooperative jurisdictions and removes Barbados". Consilium. Retrieved 17 January 2025.
  7. ^ "BDO Corporate Tax News Issue 60 - November 2021". BDO Global. Retrieved 6 January 2025.
  8. ^ "Is There a 'New Normal' for De-risking in the Caribbean?". Center for Strategic & International Studies. 18 October 2019.
  9. ^ Rankin, Jennifer (5 October 2021). "EU tax haven blacklist trim 'grotesque' after Pandora papers, say critics". The Guardian. ISSN 0261-3077. Retrieved 6 January 2025.
  10. ^ "Members". International Banking Association (Caribbean). 10 December 2019.
  11. ^ Tran, Dung Viet; Hussain, Nazim; Nguyen, Duc Khuong; Nguyen, Trung Duc (1 May 2024). "How do depositors respond to banks' discretionary behaviors? Evidence from market discipline, deposit insurance, and scale effects". International Review of Financial Analysis. 93: 103205. doi:10.1016/j.irfa.2024.103205. ISSN 1057-5219.
  12. ^ Kulkarni, Sneha (30 September 2024). "Ujjivan Small Finance Bank hikes fixed deposit rate on this tenure by 50 bps". The Economic Times. ISSN 0013-0389. Retrieved 20 January 2025.
  13. ^ "Fixed deposits: YES Bank, Punjab & Sind Bank, Bank of Maharashtra change FD rates for these tenures". Business Today. 21 November 2024. Retrieved 20 January 2025.
  14. ^ Friedman, Benjamin M. (1 January 2010), "Chapter 24 - Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?", Handbook of Monetary Economics, vol. 3, Elsevier, pp. 1345–1438, retrieved 20 January 2025
  15. ^ "December 2024 Fed Meeting: Fed Cuts Rates By 25 Basis Points to Bolster Labor Market, Triggering Market Shifts | J.P. Morgan". J.P. Morgan. Retrieved 20 January 2025.
  16. ^ Tepper, Taylor (10 September 2024). "12 Best CD Rates Of January 2025: Up To 4.65%". Forbes Advisor. Retrieved 20 January 2025.
  17. ^ "Asprofin Bank Unveils Plans with 360 Wowcom Data for Global Datacenter Project". The Globe and Mail. Retrieved 7 January 2025.
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