2018 Cayman Alternative Investment Summit
The attributes that have made the Cayman Islands so attractive to the financial services sector – and the alternative investment space in particular – over the years will also ensure its relevance to the burgeoning financial technology space, the Hon. Alden McLaughlin, Premier of the Cayman Islands, told delegates at the 2018 Cayman Alternative Investment Summit.
He told delegates at the conference, the theme of which is: Wired: The rise of alternative investments in a digital age, he was resolute that Cayman would keep pace with technology. “We must grasp the opportunity of technology with our eyes wide open and avoid pitfalls,” he said. “Advances in technology will disrupt all business sectors and social norms. Change is not on the horizon, it is here right now. We must either ensure we are part of that or get left behind.
“We understand that Cayman must fight to keep business and adapt to ensure we attract the emerging business operating in the world of Fintech. As Premier I am often told that something will be the next big thing and revolutionize the world. But in the case of a technology such as blockchain I think that will be true. Our challenge is to understand it well enough to regulate it and embrace it.”
He said that a number of companies working with blockchain had already registered in Cayman. He said its robust regulatory environment, legal system, abundance of talent and tax neutral status made Cayman an ideal domicile from which to operate. “Blockchain entrepreneurs might wear jeans but they know a god deal when they see it,” he joked.
He added: “The pace of change will only accelerate. The question is whether existing businesses can keep pace and whether staff can be retained and reskilled quickly enough. These are the important questions to ask but the only option is to embrace it.”
Alden McLaughlin, Cayman Alternative Investment Summit 2018, Cayman Islands, Blockchain, Technology