Cayman’s position as the world’s top specialised financial centre was reconfirmed again this week with the news that this jurisdiction has come first in a leading international survey, topping the specialised financial centres ranking, as compiled by The Banker magazine. This is the sixth consecutive year that the Cayman Islands has led the field in this highly-regarded, global survey.
Cayman Finance CEO Gonzalo Jalles Cayman said this is one survey of which Cayman’s financial services industry takes serious note.
“While there are many surveys carried out on financial centres periodically, The Banker, as part of The Financial Times Group, always speaks with authority and as a result, its survey is one of the most highly respected and one which we anticipate with interest annually. In this way the fact that the Cayman Islands has retained its top spot for six years running as the world’s top specialised financial centre has far greater validity and importance for the industry as a whole, not just locally, but globally as well,” he said.
The Banker magazine is part of the Financial Times Group, a globally recognised and respected finance publication and its IFC rankings are based on data ranging from financial markets indicators to economic potential to business environment factors. The ranking focuses on the level of international business and the value for institutions seeking to expand their international operations.
Wayne Panton, Minister of Financial Services, Commerce & Environment, thanked Cayman Finance for coordinating the submission to the publication and said that the accolade is another testament to the strength of Cayman’s professional infrastructure and the quality of service provided: “The Cayman Islands financial service industry prides itself on its ability to service its clients with the highest level of professionalism,” he said. “The industry, working in partnership with the Cayman Islands Government, is nimble in its ability to service market needs, and this collaborative approach, coupled with service excellence, has fared the jurisdiction extremely well over the years,” he added.
Mr Panton noted specifically that one of the criteria in compiling the data is the economic potential of the jurisdiction.
“Retrospectively, the honour of coming first in this survey in itself underscores the value the Cayman Islands financial services industry has for the global economy as a whole; but, even more importantly, the survey highlights the fact that this industry has even greater potential to continue to add value to this jurisdiction in the years to come,” Minister Panton confirmed.
Of the specialised financial centres, the Cayman Islands retains its lead, followed by Jersey, Guernsey and the Bahamas. Mauritius climbed one place to fifth.