Author: Ben Meade - Cayman Finance | Date: 27 March 2020
The Cayman Islands Financial Services Industry continues to provide tremendous value as the main economic driver of the Cayman Islands economy. Industry firms, Government and the regulator have implemented their business continuity plans to enable employees to work remotely from home and continue providing business services as usual across the industry during the extended curfew measures that have been put in place locally.
“By taking the necessary steps to ensure vital services within the financial services industry continue, our member firms have reaffirmed the great resilience our industry is renowned for and have ensured that the main driver of the local economy keeps moving forward,” said Jude Scott, CEO of Cayman Finance, the association of the Cayman Islands Financial Services Industry.
At the same time, Mr Scott urged member firms and their employees to comply with the measures announced by the Government.
“Cayman Finance fully supports proactive decisions being taken by the Cayman Islands Government to protect the population and limit the spread of the COVID-19 virus during this global pandemic, while balancing the public health and economic needs of our community,” he said.
“As an important pillar of the Cayman Islands economy, it is essential that our firms and people fully comply with the measures that have been announced. Our willingness and ability to work together through these challenging situations and support the measures announced will give our country the best opportunity to overcome these challenges in the shortest possible time,” Mr Scott added.
Cayman Finance has been working closely with Government and the Cayman Islands Monetary Authority to ensure the financial services industry continues to provide top quality business services that our thousands of institutional international clients have come to expect while at the same time providing important employment and economic activity in the local economy, keeping upwards of 7,000 people employed in the Cayman Islands, including 4,000 Caymanians.
“By utilising innovation and pragmatically adapting our service delivery models to operate under these unprecedented circumstances, the financial services industry is able to support Cayman entities’ ability to provide vital liquidity into economies around the world at a time when this is essential. This resilience during times of significant global uncertainty, as well as our industry’s hallmark of delivering value to clients and countries globally, will continue to be a leading model for international financial services centres,” Mr Scott said.
As a leading specialised international financial centre, the Cayman Islands is a top jurisdiction for investment funds, with 70 percent of non-US domiciled alternative investment funds managed by US Securities and Exchange Commission-registered advisors being domiciled in the Cayman Islands. Additionally, Cayman is a top-two jurisdiction for Insurance Captives, and the number one jurisdiction for Healthcare Captives and Group Captives.