Cayman Finance, the organisation representing the Cayman Islands financial services industry, showcased its value to the financial services industry, reflected on the achievements of 2015 and discussed plans for 2016 at its inaugural members briefing.
The briefing was attended by more than 170 people from Cayman’s financial services industry including: Helen Kilpatrick, the governor of the Cayman Islands, Alden McLaughlin, the Premier of Cayman, Wayne Panton, minister for financial services, commerce and environment, Marco Archer, minister for finance and economic development and Osbourne Bodden, minister for community affairs, youth and sports.
“We are facing challenges that will require us to work even harder together as one industry in order to arrive at the sort of innovative solutions that allowed us to sustain and grow this industry in the past,” said Ian Wight, chairman of Cayman Finance.
“To have such enormous representation at our briefing – the most senior leaders of government, senior officials from the Cayman Islands Monetary Authority, and senior leadership from private sector – is testament to our industry’s commitment to protect, promote, develop and grow the Cayman Islands financial services industry.”
Minister Panton provided an update on the work of government through the efforts of the Ministry of Financial Services, including new legislation and regulations passed and in process.
Jude Scott, chief executive officer of Cayman Finance, said the industry had much to celebrate, particularly in the face of constant change on the global regulatory landscape, but was in urgent need of proper funding by government to ensure it was better able to protect itself from threats and to take advantage of opportunities that would grow the industry.
“We have undertaken great work this year in the areas of media relations, event marketing, roadshows to key markets and business development meetings, the publication of our second annual jurisdictional magazine, have piloted a student education programme, and consulted with government on legislative and regulatory initiatives that affect the financial services industry,” said Scott.
“I want to acknowledge the support from the Ministry of Financial Services, Minister Panton and his team, the Attorney General’s office and Chartered Institute of Management Accountants (CIMA), support that, despite them also being chronically underfunded, have worked together with us to help us achieve these successes.”
Baron Jacob, partner at Ernst and Young, provided an update on behalf of Cayman Finance’s public awareness committee, Mark Lewis, senior partner at Walkers provided an overview of activities for the marketing committee, and Tania Dons, partner at Conyers Dill & Pearman, spoke for the membership committee.
Dons said Cayman Finance’s membership was growing and now included 46 member firms representing over 2,000 individuals and was truly representative and inclusive of Cayman’s financial services industry.
In speaking on Cayman Finance’s 2016 marketing plan, Lewis said it was a plan that would fortify the Cayman Finance brand and the brand of Cayman’s financial services industry, both internationally and domestically.
“It will capitalise on emerging opportunities, it will robustly defend our territory and market lead, it will enhance the knowledge of the local population and in government of the true value of the financial services industry to the Cayman Islands economy, and it will strategically market the Cayman Islands in a way that is responsive, creative and forward-thinking,” he said.
Cayman Finance, Ian Wight, Jude Scott, Helen Kilpatrick, Cayman Islands