(CNS): As the GREAT Festival of Innovation in Hong Kong officially opened Wednesday, Financial Services Minister Tara Rivers took part in a panel discussion on ‘Fintech Futures’ and discussed Cayman’s role in the changing technology, which she said was disrupting the financial services industry. Rivers is part of the significant Cayman Islands delegation at the UK sponsored event, which is part of Britain’s aim to explore potential trade agreements after it leaves the European Union to prevent what could be an economic implosion for the former world leader.
The Cayman Islands is the only overseas territory that the UK invited to the event, and given the CIG’s apparent desire to court Chinese business, the delegation is seizing the opportunity.
During the lively debate on fintech, Rivers spoke about the need for Cayman to cement its position in financial services in the ever-changing world.
“Fintech is disrupting the financial services industry with a range of new technologies. The race is on to develop not just the systems and services that will shape the future of buying, trading, lending and the flow of capital, but also the legislation that will govern it,” Rivers said. “The Cayman Islands, as one of the major financial centres in the world, needs to continue to be innovative and adaptable, creating the environment to facilitate a rapidly changing global financial system.
“We need to continue to adopt appropriate regulation in order to preserve the integrity and stability of the system, while innovating and leading in our efforts to help shape the future of financial services, in order to further cement our leadership position,” she added.
In a release about the event, Premier Alden McLaughlin added that Cayman had already hosted several conferences this year with a fintech focus.
“We know, we are one of the foremost international financial services centres, as well as the hedge fund capital of the world. I believe we are well positioned to serve as the jurisdiction of choice for a new breed of financial services business whose innovations are changing the traditional face of the financial sector,” he said. “When you add to that our enviable position as a tax neutral jurisdiction it makes us an attractive destination in which to do business.”
As the conference continues the premier, and Cayman Islands London representative Eric Bush and Roy Tatum, the head of the premier’s office, were expected to have meetings with City of London officials before the entire Cayman delegation was due to attend a welcome reception hosted by HSBC to celebrate the opening day of the festival.
It continues Thursday when ‘Innovations in Health’ will be the main topic. Health Minister Dwayne Seymour and his chief officer, Jennifer Ahearn, will be there to support Dr Devi Shetty from Cayman Islands Health City who will be speaking on the subject of “Living Long, Living Better.”