The Ministry of Investment, Innovation and Social Development has announced a strategic partnership with Cayman Finance, the industry body which represents the Cayman’s financial services industry.
Separate from work through the Ministry of Financial Services and Commerce, the cooperation will entail “strategic promotional work to bolster the reputation of the Cayman Islands as a globally respected financial services centre and reinforce the industry’s brand messaging”, the ministry said in a press release.
In 2022, the ministry will pay Cayman Finance $350,000.
Minister André Ebanks said the timing of this funding from government to Cayman Finance was significant and critical.
“It will amplify the already strong working relationship between government and the financial services industry, at a time when the world needs to hear our story: why the Cayman Islands is a global partner, not a global problem.”
He said the new partnership between the ministry and Cayman Finance will enable government and the financial services industry to work collaboratively and strategically “in a new, distinct stream of promotional work”.
“It further signifies government’s commitment to retaining and building the competitiveness of the Cayman Islands as a jurisdiction, with high adherence to and compliance with global tax and regulatory standards,” Minister Ebanks added.
The partnership would be “a new tool the minister seeks to utilise in reimagining the government’s relationship with Cayman Finance”, the ministry said.
The partnership will be focused on strategic promotion, and developing bespoke messaging and public relations campaigns tailored to key audiences including opinion formers, policy makers and other stakeholders.
Long-time CEO Jude Scott left Cayman Finance at the end of last year. He has not been immediately replaced.
Conor O’Dea, chairman of Cayman Finance, said a successful partnership requires time, effort, work and funding.
“This funding is an affirmation of the relationship that Cayman Finance, an entity that represents the diverse components of the Cayman Islands’ financial services industry, has earned through our many successful years of collaboration with the government.”
He added that promoting the brand messaging of the Cayman Islands’ financial services industry would be a catalyst for meaningful and measurable growth in the industry and economy, including growth in government revenue and opportunities for Caymanians.
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