Cabinet has approved setting up a Cayman Islands office in Singapore, which is expected to open by the end of this year.
Gene DaCosta, who will head up the new office, says the Singapore base will enable Cayman to develop and maintain strategic relationships in Asian jurisdictions such as Hong Kong, where the government had also been considering opening an office.
“Having the office based in Singapore allows the Cayman Islands Government the ability to
quickly and effectively provide the necessary support our stakeholders in the region may
require from time to time,” DaCosta said in a press release.
“Indeed, Hong Kong is a particularly important locale for us as it has longstanding, strong business relationships to Cayman. I’m expecting to have frequent in-person meetings in Hong Kong (likely quarterly visits at a minimum), alongside those that will occur in Singapore and other jurisdictions in Asia.”
In the release issued on Thursday, 14 Sept., the government said, once the required administrative filing have been completed, the office is expected to “have a physical presence” in the last quarter of 2023.
Minister for Financial Services and Commerce André Ebanks and DaCosta visited both Hong Kong and Singapore in May this year to explore the intricacies of establishing offices in either city.
Ebanks noted in the release that the Asia office would promote all facets of the Cayman Islands, including “establishing and nurturing strong public and private sector relations; creating effective communication between the Cayman Islands and key countries in Asia; and advancing financial services interests, as well as all other areas of strategic interest to the Cayman Islands and generally enhancing the reputation of the Cayman Islands”.
He said the office would enhance business development efforts of Cayman’s financial services industry in the region and better capitalise on new business opportunities that Asia has to offer.
“Singapore provides a relatively neutral position in the region, with very good flight connections from which to launch business development efforts across Asia; a strong concentration of financial services firms, as well as a thriving maritime centre that has a synergy with the activities of our Maritime Authority,” Ebanks said.
Financial services industry welcomes Asia office
Steve McIntosh, CEO of Cayman Finance, the association which represents the islands’ financial services sector, welcomed the announcement, describing the establishment of a permanent representative office in Asia as “extremely significant”.
“Over the last decade, Asia has become an increasingly important market for many of our world class financial products and service providers, representing more than a trillion US dollars under management and US$450 billion of portfolio assets in the funds sector alone,” he said.
He added, “We congratulate Mr. Gene Da Costa and look forward to working closely with him in our work protecting and promoting the Cayman Islands financial sector.”
Singapore to be Cayman’s third overseas office
Cayman already have two overseas offices – one in London, which has been in place for decades and which is headed up by Tasha Ebanks-Garcia; and one in Washington, DC, which was officially opened in January this year and which is run by Chris Duggan.
In the release, Duggan said that the Washington office has already yielded “important governmental and private sector connections”.
“We’ve implemented an extensive public and private sector engagement plan that has been
successful in establishing and developing relationships with relevant congressional committees in DC, as well as in strengthening ties with relevant stakeholders within a number of key United States Government departments/agencies,” he said.
Ebanks, who plans to travel to Washington again later this year to meet with these agencies and with stakeholders in the private sector, said Cayman’s overseas offices play an important role in advancing the islands’ interests and supporting Caymanians overseas.
“Our comprehensive and considered approach to establishing overseas offices have and will
continue to underpin the strong links between Cayman and our key business regions, in this case Asia and North America. As they cultivate their operations, the offices shall promote our country’s interests, initiatives and support, where appropriate, Caymanians residing overseas in these respective regions,” he said.
Related Videos
