30/03/20

CAYMAN ISLANDS: Cayman Finance says sector keeping economy going.

As published on caymannewsservice.com, Friday 27 March, 2020.

(CNS): Officials from Cayman Finance are reminding the community of the offshore sector’s importance to the country during the current COVID-19 health crisis. This comes after Premier Alden McLaughlin recently implied that the financial sector had been less than cooperative over efforts to shut down offices here and implement a ‘stay in place’ order rather than the current restrictive curfew.

But Cayman Finance, the body representing the financial industry, said it continues to provide tremendous value as the main economic driver.

In a press release issued Friday, Cayman Finance said that industry firms, as well as the regulator, have implemented their business continuity plans enabling employees to work remotely from home and continue providing business services.

“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,” said Cayman Finance CEO Jude Scott.

Scott urged member firms and their employees to comply with the measures announced by the government, designed to contain and limit the spread of the virus here.

“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 health and economic needs of our community,” he said.

Scott said it was essential that firms in the sector and those working across the industry fully comply with the measures. “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.

He said the organisation was working closely with government and the Cayman Islands Monetary Authority to ensure that the financial services industry continues to provide top quality business services that thousands of institutional international clients have come to expect. At the same time they are also providing important employment and economic activity in the local economy, keeping over 7,000 people, including 4,000 Caymanians, in jobs.

Scott pointed out the importance of the offshore sector during this pandemic, not just to the Cayman Islands but to the global economy.

“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,” Scott stated.

“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,” he claimed.