The Minister for Financial Services, Wayne Panton, today announced the strengthening of the partnership with the financial services sector through industry association Cayman Finance.
“Over the years Government has employed different methods of communicating with the private sector. Given the size and diversity of our industry today, we believe it is time to institutionalise this process by letting the industry decide who its representatives are,” said Minister Panton.
“Although dialogue now will be focused through Cayman Finance, wider consultation processes will continue to include all industry participants,” the Minister said. “Government will continue to welcome all viewpoints, but it is important for industry to speak with one voice. As such, I would encourage broad participation through Cayman Finance, as active engagement by all firms in the industry will strengthen and encourage the advancement of our position as a leading international financial centre.”
Minister Panton added it was important the Ministry support a vehicle that promotes investment by the individual firms towards the promotion of our jurisdiction. “I urge all firms in the financial sector that have not already done so to join Cayman Finance.”
“We are extremely pleased with the decision to institutionalise the dialogue between private and public sector in a way that has become common practice among our competitor jurisdictions. This decision opens a new chapter in the history of our industry, and we are confident this enhanced communication will ensure we maintain our competitive edge,” said Ian Wight, Chairman of Cayman Finance.
The financial services industry is the single biggest contributor to the economy of the Cayman Islands and represents 49% of the GDP. The industry further directly generates 55% of the revenue of Government. Cayman Finance represents 55% of the lawyers and 57% of the accountants licensed to operate in the Cayman Islands.
“This announcement formalises the work we have been doing the last six months with the Ministry, including jointly attending international events, managing international PR, and hosting local seminars for our community. I’m extremely grateful to the Ministry and its team for their support, and I look forward to continuing to work closely with them,” said Gonzalo Jalles, CEO of Cayman Finance.
For further information on Cayman Finance, please visit www.caymanfinance.ky.