Over 150 attendees recently gathered at the fourth annual Cayman Finance New York breakfast briefing.
It was held at the Harvard Club of New York City at which Cayman Finance CEO Jude Scott described Cayman as “the premier global financial hub.”
The New York briefing event was part of a successful week-long schedule of meetings by Cayman Finance and the Ministry of Financial Services with leading New York firms, institutions and media correspondents, including The Wall Street Journal, Reuters and Bloomberg radio.
In his presentation, Mr. Scott explained to the audience what gave Cayman’s financial services industry a sustainable competitive advantage in comparison to other international financial centres. He described the quality and experience of Cayman’s professional service providers, the jurisdiction’s appropriate legislative and regulatory balance, the commitment of the Cayman Islands Government and the Cayman Islands Monetary Authority to the financial services industry and innovation in products and services for global clients.
Mr. Scott also explained how the Cayman Islands offshore financial services industry is a strong extender of value for developed and developing economies around the world, a point often misunderstood by critics of this jurisdiction.
“The Cayman Islands is the premier global financial hub, efficiently connecting law abiding users and providers of investment capital and financing around the world – benefiting developed and developing countries,” Mr. Scott said. “Our success is predicated on our jurisdiction and our world class service providers providing a neutral efficient platform for investment capital and financing around the world. We enable parties who are domiciled in countries who may have differing laws, regulations, tax rules and customs to benefit from doing business with each other, using Cayman as an efficient and effective global financial hub.”
Referring to a broadening of Cayman’s financial services offering, Mr. Scott said that the jurisdiction is, for the first time this year, formally recognising reinsurance as a specific industry sector.
“We look forward to seeing the reinsurance sector continue to develop and grow,” he said.
Mr. Scott outlined how the Fintech industry fits with Cayman’s overall business model. He also spoke about the G20 Plus, explaining that this referred to a group that included the G20 countries plus the Cayman Islands and a handful of other top international financial centres.
In his address, Wayne Panton, Cayman Islands Minister for Financial Services, Commerce and Environment, provided a Government update that focused on Cayman’s rapidly evolve financial services.
He gave further details regarding Government’s steps to build the insurance and reinsurance initiative’s legislative and regulatory framework; recent commercial enhancements such as the Limited Liabilities Companies Law, which has been quite successful since its July 2016 launch; and new legislation such as the Foundations Companies Bill.
“More than ever, it’s necessary to ensure that each partner in Cayman’s financial services regime – Government, our regulator and industry – understands the important role we each have in ensuring that Cayman’s products and services are both commercially strong and in line with global standards,” Minister Panton said. “Cayman’s industry works for jurisdictions including the US because of the effective, efficient collaboration among these partners.”
Heather Smith, head of the investments and securities division at the Cayman Islands Monetary Authority, also took part in the briefing providing a regulatory update.
To close the event a special presentation on Fintech was made by Carlos Arena, director for business development for R3.
Also in attendance from Cayman were Ingrid Pierce and Nick Rogers who are Cayman Finance Board members and André Ebanks, senior legislative policy advisor, Cayman Islands Ministry of Financial Services, Commerce and Environment.