Cayman Finance: Industry is showing resilience

The financial services industry is providing business services as usual during the extended curfew measures, according to Cayman Finance chief executive Jude Scott.

Service providers, government and the regulator had implemented business continuity plans and remote working.

“By taking the necessary steps to ensure vital services within the financial services industry continue, our member firms have reaffirmed the great resilience our industry is renowned for and have ensured that the main driver of the local economy keeps moving forward,” Scott said in a press statement.

He urged member firms and their employees to comply with the measures announced by the government.

Cayman Finance CEO Jude Scott

“Cayman Finance fully supports proactive decisions being taken by the Cayman Islands Government to protect the population and limit the spread of the COVID-19 virus during this global pandemic, while balancing the public health and economic needs of our community,” he said.

“As an important pillar of the Cayman Islands economy, it is essential that our firms and people fully comply with the measures that have been announced. Our willingness and ability to work together through these challenging situations and support the measures announced will give our country the best opportunity to overcome these challenges in the shortest possible time,” Scott added.

Cayman Finance said it has been working closely with government and the Cayman Islands Monetary Authority to ensure the financial services industry continues to provide top quality business services that institutional international clients have come to expect.

The industry employs 7,000 people locally, including 4,000 Caymanians, and continues to generate important economic activity on island, the association said.

Scott said, “By utilising innovation and pragmatically adapting our service delivery models to operate under these unprecedented circumstances, the financial services industry is able to support Cayman entities’ ability to provide vital liquidity into economies around the world at a time when this is essential.

“This resilience during times of significant global uncertainty, as well as our industry’s hallmark of delivering value to clients and countries globally, will continue to be a leading model for international financial services centres.”

Cayman remains a top jurisdiction for investment funds, with 70 percent of non-US domiciled alternative investment funds managed by US Securities and Exchange Commission-registered advisors being domiciled in the Cayman Islands.

Cayman is also the world’s second largest jurisdiction for insurance captives, and global leader for healthcare captives and group captives.

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