Cayman Finance says sector keeping economy going

| 27/03/2020 | 46 Comments
Cayman News Service
Jude Scott

(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. 

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Category: Business, Financial Services

Comments (46)

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  1. Anonymous says:

    Perhaps someone who actually works in the financial sector can tell us how this is going?
    Not talking to the big boys, just the guys and gals that shuffle papers, send emails and use cellphones in elevators and bars.

    • Anonymous says:

      I can’t speak for others, but its going pretty well for me so far. Zoom, Whatsapp and Skype for calls, can talk to all I need to. Big boys are answering the phone and emails, why wouldn’t they?

  2. Anonymous says:

    The financial industry had to be forced to work from home.

  3. Anonymous says:

    Hoping that ongoing measures will prove successful in thwarting community spread. Would love to see the local economy reopened (mind we will need to keep ourselves closed off quite a bit longer than that). I look forward to supporting our restaurants and tourism industry as much as possible at that time by spending locally. Staycation, here I come (not like I can be going anywhere else, anyway)!

  4. Anonymous says:

    Unfortunately some of these CEOs are not innovated or pragmatic. In some cases, it will be profits before lives.

    • Anonymous says:

      @6:00 People like you will be the first to complain when your bank transactions are not processed! You have no idea what it takes to run bank operations.

      • Anonymous says:

        Sad. Do really believe I would worry at a time like this about bank transactions? Take your head out of the sand and recognize this virus kills! It may not be you, but your spouse, your parents, your children, your best friend are all at risk. Fortunately our elected leaders had to step in to save people lives from the likes of you who would continue to infect and spread this virus.

        • Anonymous says:

          Guess you do not need your pension payment in your account, in order to shop for groceries, like some of us will on the 1st of the month!

        • Anonymous says:

          @ Hope you’re still good when your salary is not credited to your account, your debit card stops working and the ATMs run out of cash wile the banks are closed. I guess you already hoarded all your food and couldn’t care less about anyone else!

  5. Anonymous says:

    Easy to see by the comments that those who know very little speak the most.

  6. Anonymous says:

    Yes it is important to keep the wealthy wealthisr.
    Nothing of that will triple down to the poor in the world.
    Your disgusting greed has attributed to the further spread of this virus.
    This shutdown should have been in in place month ago. Your pressure on government has delayed that and now we have a problem.

    • Anonymous says:

      The wealthy are also working tirelessly to destroy the environment. They have many projects in play.

      • Anonymous says:

        I can see by the downvotes I have made a huge mistake. Let’s start over:
        The rich will stop at nothing to preserve the environment and make the world a better place for all of God’s creatures because that’s what they do. They literally can’t help themselves. This has been shown time and time again.

    • Anonymous says:

      Who pays you?

    • Anonymous says:

      What are you talking about? Your ignorance is astounding.

    • Anonymous says:

      Yeah it was the financial sector that let the cruise ships keep coming ashore. It was the financial sector that made the Premier keep the airport open. Wasn’t the tourist industry, wasn’t Moses and the local business vested interests, or playing to the electorate if Johnny couldn’t come home from uni. But tell you what – it’s is the financial sector that generates over 2/3rds of the government’s revenue that goes to pay for everything from the police to the hospital. And the financial sector that can keep working remotely. And is actually doing so – unlike most of the business on the island. But just keep bitching about their disgusting greed whilst you keep enjoying the facilities their work provides.

      • Anonymous says:

        I for one appreciate your disgusting greed in helping people the world over launder their money and keep it all for themselves because hell, that’s what makes the world such a lovely place for sooooo many people.
        Sheesh, no wonder you all have to drink so much to fill that dark hole in you minds.

        • Anonymous says:

          You obviously know nothing about everything. Try and get a job in the Financial Services industry, try make is past your probation, your extended probation and then try and gut your ultimate high of being an “assistant senior admin” – then you might be in a position to comment.
          But that won’t happen,

          • Anonymous says:

            To 10.42pm and 3.29pm….Children, children , plese behave yourselves. All this bickering is not doing anything useful. Pleae stop it.

      • Anonymous says:

        Exactly – they have no clue.

        CIG pays the tourist industry millions every year – for advertising “Cayman Kind”, for advertising Cayman as a cruise destination and many millions more to ram a cruise port aka a “crime port” (given the level of incompetence) down the people’s throats in a completely biased, pre-determined, ill conceived, ill planned, inept and “jobs for the BoBos” way.

        Meanwhile, it is the Cayman Islands’ Financial Services Industry and more correctly, their international clients (who can do their business in many other jurisdictions, BTW) who pay for all of this CIG “spending party” with their CIMA/ROC etc fees, construction of offices for work, and condos for their staff and meals at restaurants and hotel tax on their business stay.

        And adding insult to injury, when the come on island for business, they are classed as “tourists” and lobbed into the same category as the cruise/stay-over “tourists”.

        Be grateful for the FS industry – look at T&T, JA, etc. as the looming alternative, without the FS and their international (non-CI) clients.

  7. Cayman Matrix says:

    Another hocus locus science with out the tourism sector propping up this mythical monster these charlatans wealth will no doubt collapse as their investments go down the proverbial drain. This is why they believe they are more important than our lives and our children’s safety.They are slaves to incredible self importance and no doubt only intrested in preserving their locust like greed to swarm to any financial opportunities that may derive from this worldwide crisis Thus wanting to be at their financial stations and watchtowers 24/7 at their own peril and those of their slave support network of employees. We hear you Mr Scott but its Time these great finance Lords support the machinery that protects their system and keeps it in place the people = Government and not foreign backers who couldn’t give a rats @$$ about Cayman.

    • Anonymous says:

      put down the crack pipe

    • Rodent exterminator says:

      1.17pm I feel sorry for anyone who can wallow in ignorance without even realising it.
      The Financial Sector has propped up the CIG and Caymanians since the Canadian and British banks arrived in the late sixties and early seventies along with the law firms like Maples and Calder and Walkers plus the accounting firms like Price Waterhouse and KPMG. This sector has for the last 50 years been by far the biggest contributor to goverment coffers and employs hundreds of Caymanians, many in senior positions. It also contributes millions to the general economy due to it’s local spending power, not to mention all the generous scholarships offered to Caymanians.
      Many would not honour you with a response to your drivel, but I wanted to make the effort and go on record.

      • Anonymous says:

        The financial sector is the golden goose that some people would like to kill so they can lower their standard of living and enjoy poverty while subsisting. Cayman 1920.

    • Anonymous says:

      Honestly not sure where to start with a reply to that. Smh.

    • Anonymous says:

      @1:17 I hope you will be one of those waiting hours in the snaked lines that will encircle the few bank branches next week, grumbling about lack of branches opened.

      Looks like the quarantine is making people stupid!

    • Anonymous says:

      I am going to call your post “Stream of a Disturbed Consciousness.”

    • Anonymous says:

      1.17, oh dear, did you get turned down for a FS job? Can’t for the life of me think why.

  8. GT Voter says:

    Although CIG has extended the date for filing annual returns and paying annual return fees, the financial industry should pay all fees without delay, as CIG will need the funds at this time.

    • Anonymous says:

      You sound like a “taker” not a “contributor”. Ever worked (other than in an admin entry level position) in Cayman’s economy driver – the FS Industry?
      Yeah, I figured not.

  9. Anonymous says:

    Just wish there had not been any need to fight for the ability to work from home, many days after it was clear that it was the safe and appropriate thing to do. Many had to wait on the government order to be able to keep them and their families as safe as possible. This is not just a criticism of financial services, many employers acted in this way across all industries. The fact is that it is much easier for office workers to work from home that construction industry workers. Why were some in the financial industry allowed to thumb their noses at the risks involved? They need to do some serious soul-searching.

    • Anonymous says:

      Who says they did? I haven’t seen a list of these famous exemptions requests. Which as I recall followed the premier specifically asking firms to write in. Sequence as I recall was a) request that people work from hone b) request that employers apply for essential worker permission c) premier exploding and saying everyone had to be kicked down because there were too many requests. If you seriously believe that it was employee requests that delayed the lockdown do your self a favour – reread the press over the last 2 weeks day by day.

    • Anonymous says:

      Don’t get why the Cayman law firms can’t work from home. Hell, their colleagues / peers in London and NYC have been doing it for the past 2 and in some cases, 3 weeks. Serious senior management problems at the big law firms here.

      • Anonymous says:

        Bigger problem might be that lawyers with the big firms in Cayman have never been trained, and do not have the skill set to work remotely. Some of the older lawyers are very weak in knowing how to utilize new technologies.

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