Kai Dai blocked from setting up international bank in 2020

Kai applied for an international banking licence in Vanuatu in 2018, which was declined by the country’s central bank two years later

At the same time, Kai was also trying unsuccessful to buy a controlling stake in a Slovenian lending bank

Kai Dai, the embattled cash-for-visa broker, attempted to set up an international bank in Vanuatu in 2020, documents show.

According to correspondence seen by The Business Post, an agent acting on behalf of Kai applied in 2018 for an international banking licence for a bank called “Global Wealth Bank”, to be located on the string of islands in the south-western Pacific Ocean.

However, the Reserve Bank of Vanuatu, the country’s central bank, declined the application ...