Ebanks: Cayman ready to embrace future tech economy
(CNS): Cayman needs to build on its existing blue-chip financial services product and embrace the future of digital industries, according to Financial Services Minister André Ebanks. Speaking at the Chamber of Commerce Parliamentary Lunch on Thursday, he said the Cayman Islands is ready to take a chance and layer on top of its world-class regulatory and legal framework the new opportunities “that are staring us in the face” in fields such as tech and healthcare.
Standing in for Premier Wayne Panton, who is still isolating after testing positive for COVID-19, Ebanks gave the keynote speech at the event about the goals of the PACT Government and voiced a call to action on behalf of the premier.
He said the aim was to develop the local economy to provide new well-paid, quality jobs from emerging digital, healthcare and green technologies. The minister said that the tech future is coming whether the country is ready or not and we can either let the opportunities go past us or “grab on with both hands”.
Ebanks explained that government wanted to attract tech investors and start-ups to Cayman and create an eco-system of excellence where they could, thrive. The jurisdiction is well positioned given its virtual assets framework and a stable platform that is adaptable and tech-friendly. Cayman can match the new industries with traditional financing and build virtual assets around existing financial products, the minister stated, and highlighted the government’s digital ID programme as a way of supporting the economy in the new world.
In the future tech will provide high-paying jobs in the metaverse, which goes well beyond video gaming, if the government builds the education pathways to this “serious business”, he said. This would leapfrog Cayman into new industries we never imagined we could be in, such as the film industry, where digital work is becoming increasingly important. He noted that attracting film companies was connected to the new LAX flight.
The minister stressed the importance of education and the need to adjust the curriculum to meet what is coming and ensure Cayman can provide new companies with their future workforce. “We have got to get our youth ready for that,” he said.
During a Q&A session with Chamber President Shomari Scott, Ebanks told the audience that sustainability was a priority for PACT. Having anticipated that this issue would come up, he read a short response from the premier, who is the sustainability minister, stressing the need for a “comprehensive development plan”, which is still a work in progress.
“It’s no secret that it’s not quite off the ground yet,” Ebanks said. “But with certain events past us now, he’s going to be working diligently with colleagues and in caucus to create a comprehensive plan.”
See the minister’s full speech on the Chamber YouTube channel below:
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Category: Business, ICT, Local News
How about some fast affordable internet? Look at Singapore, Gibraltar, Hong Kong etc. Our speed and prices are laughable in comparison
I am really confused by comments like this. People don’t realize that Cayman was a fishing and donkey town that is slowly developing… why are we being compared to modern cities??
Because they too were once fishing and donkey towns?
Google what happened to Ghana!!! Say no to globalism!!!
Anyone follows to what is happening in Shri Lanka? Netherlands? The US? The UK?
Equador is next, then Peru, and watch Germany and Italy with the farmers uprising there…and Canadian truckers and farmers are assembling again….but here in Cayman? Everyone’s either got too much money, or no voice….if you have to ask, then you’ve got no voice.
Is Cayman ready for Global Recession, energy and food shortages?
Nope
A year into this PACT regime, we haven’t really seen much that is any different than previous regimes. Joe Imparato has been allowed to close a mile of West Bay Road with RCIPS detour barricades so he can build an overpass on a private commercial development and move construction materials freely, and the public are supposed to just accept indefinite privileges and interruptions like that. One of the worst social and environmental offenders, Dart are invited by Chamber of Commerce to deliver a keynote greenwashing pitch. It’s deplorable. No serious new investors are coming when they see hotels (old Hyatt, Cayman Islander) abandoned for a full generation and tunnels to nowhere without a plan. Why would anyone invest serious money in a territory so blind that it would allow these things?!?
WB Road blocked off by number one supporter of Progressives
What let Caymanians actually succeed in their own country without being shoved to the bottom of the barrel?
Are you sure you want to let Caymanians succeed when you’re so addicted to your work permits?
All hot air, not surprising from this minister.
This sounds like a broken record-very tiresome and irritating.
Fat chance! We scuttled the boat with the sell out of ‘ITALIC’ (Improving Teaching and Learning in the Cayman Islands) The digital skills needed for this new economy were anticipated and tackled, however deviant forces with short sighted selfish interests had ‘better use for the money’ and the program was abandoned. Had we remedied the inefficiencies and carried through with the objectives we would have been prepared. As it stands now we don’t have the requisite qualified workers. The well meaning Minister has pinpointed a critical shortcoming in our education system that Mr Roy Bodden saw many years ago. Let’s reinvent the wheel. I’m waiting……
Politicians are NOT the “experts” . They are just facilitators to policy.
Instead of hating and criticizing, make workable suggestions.
The workable system is in place however the politicians have chosen to ignore it for the sake of permit revenues….they are all stupid short sighted and greedy men.
I just hit a eureka moment listening to Jamie Dimon. Thank you, Minister Ebanks. Genius!
Interests of the country (or, in our jurisdiction: the Cayman Islands) should come first.
Subsection 16(4)(b) of our Constitution’s Bill of Rights.
How about we tax the billions of dollars in crypto currency that goes through Cayman every day that no one seems to care about?
Block Chain Dev? Cayman’s IT support training is horrible on island.
I don’t think that you understand how crypto works. You can’t tax a decentralized network, which is why all banks hate it.
A currency created from Silk Road to buy and sell illegal drugs.
What could possibly go wrong?
So fiat isn’t used daily for illegal activity?
Mostly Lambos.
Skodas mainly
Blockchain wasn’t “created from Silk Road”…google is free my friend: https://bernardmarr.com/a-short-history-of-bitcoin-and-crypto-currency-everyone-should-read/
Union Pay, the Chinese state political digital currency-backed payment card, is accepted more places than American Express – including as a preferred payment method by western government websites. Criminals and authoritarian regime members can now anonymously exchange/launder between a couple dozen digital currencies in Cayman, or elsewhere, then settle expenses using a disposable single-use Union Pay card. So much for AML!
All these grand plans but nobody is addressing the elephant in the room! Training and education and the heavy reliance on work permits
You can lead a horse to water, but you can’t make him drink.
We are not all dumb islanders. Some of us just want/need an opportunity
So? Is nobody going to comment on certain ministers walking out in Andres speech ?
Which ones?
Give Andre a break! He will be a good Minister in 30 years.
Did I hear correctly? Did he ask the audience if they watch Bloomberg?
……Meanwhile the state of Cayman’s public education system languishes in the mud!!
Who will fill the roles created by these new ventures? WP holders, of course!
Good!
Create quality jobs for work permit revenues as you’ve done with financial service industry?
Welcome sentiment if genuine, but the simple fact of the matter is that CIG shows REMARKABLE apathy and disinterest (at best – hostility at worst) with respect to the financial services industry.
There is barely any meaningful dialogue with CIG, there are so many issues that could be solved to everyone’s benefit without any real cost, and both CIMA and the registrar are not fit for purpose, make up their own rules, and are woeful in terms of response times.
No one seems to care.
Absolutely crazy given how important the industry is to the public purse…
Spoken like a bitter industry veteran that liked the regulators better when they allowed companies to ignore serious infractu2kms while complyimg with the most superficial aspects.
CIMA is not fit for purpose.
You can’t get timely responses out of anyone, the people there are constantly out of the depth and regularly come up with terrifyingly uninformed statements, and/or ones that are entirely contradictory.
Nothing to do with their targeting infractions.
If you really think that anyone who points out how inept and slow CIMA is, is purely upset at fines / sanctions, then you either work there, or don’t have a clue about the financial services industry. Or, probably both.
CIMA destroyed the entire Caledonian Bank and One Tradex because it didn’t know what the problem was. Meanwhile there are banks that willfully hosted thousands of money launderers and tax evaders for decades and they get slapped a fine and confidential settlement agreement. Our regulators must balance the perception of doing public good with some informed rigor and proportionality as it strives to demonstrate competence to international observers. We have a long way to go with that agency, and seeing the misfires of what happens will make businesses less eager to cooperate, not more. SIBL is a mess.
Anyone remember HSBC being allowed to ‘relocate’ deposits a few years back? Ah CIMA, just the pinnacle of smarts
Great, we will make big tech industry cash so we can get rid of customs duty taxes!
Seriously… The people in West Bay South have to be embarrassed… Talk about having the weakest link. This poor guy has no idea what being a Caymanian is and what’s really necessary for and important to his constituents… Wait! Who’s a constituent, again?
Not embarrassed at all as a WBS voter and generational Caymanian. Guess you need to explain yourself clearer.
This was the weirdest thing I have every been too. He was engaging but if you listen to what he said it mostly all ESG, environmentalism. Cayman is insignificant in global pollution. The weird pledge thing, it was like an indoctrination ceremony.
Pollution is just one tiny part of one of the three ESG buckets.
You are missing the point with ESG – it has virtually nothing to do with the pollution created here, but is something many investors want in their asset portfolio. It is very pertinent to many financial services providers here.
Its not. It is a marketing ploy that provides little real value to clients.
As usual, Cayman is late to the party. The world is far ahead and headed for a global recession and Cayman will be late to tbe party once again
You should pack up and move to these great places already at the party as quickly as you possibly can. Send us a postcard!
I am really confused by comments like this. People don’t realize that Cayman was a fishing and donkey town that is slowly developing… why are we being compared to the rest of the world??
“to provide new well-paid, quality jobs”…. for more immigrants
At least that option is better than having to provide stipends, free housing, education, and healthcare to….more immigrants.
? Non Caymanians don’t recieve any of those. Although most will be getting the CUC credit.
Andre is doing a very good job as a member of cabinet. Of course it easy to be critical however for those who have been watching closely, overall his decisions are thoughtful and quite effective. Keep up the good work, Andre.
The Cayman Islands has about 50 years left of its tourism product before fully integrated virtual reality will allow you to feel as if you’ve actually traveled to a destination by interacting with your neural synapses to mimic sensory input from organs such as skin or eyes.
Quote me in 2072.
More like 10 years
Yes. A good example is how quickly portable phone tech has evolved quickly.
Your logic can be applied to any tourism-dependent country around the world.
They blew it as per usual.
Andre did well.
Too bad he didn’t know his audience and asked if we heard of the metaverse and whether Cabinet publishes a high level report on its decisions.
Otherwise he did okay.
Cabinet publishes a farcical summary, but do carry on.
He did great! What a refreshing experience that was.
I was disappointed. Lots of airy fairy fluff and little specifics. Nothing said about a possible recession or Government finances. He is continuing the plans of the last government but nothing said about any accomplishments in year one. I guess that’s because there are none.
Then to add some interest most of the Government protested the lunch because Andre gave Wayne’s speech instead of Chris.
Amazing 🤷🏽♂️
Metaverse???? Is he walking around with his head in the clouds while Global economy is heading for recession, European countries returning to ‘dirty’ coal and there is a shortage of lithium – a key element of modern electronics?
🤔
4:28. Its actually worse than that. He is always the smartest person in the room. Poor guy just doesn’t know he is not.
Any idea why the Deputy Premier didn’t stand in for the Premier?
Probably because Chris is busy trying to take Waynes job and Wayne isn’t about to give Chris the ammo..
Deputy Premier’s views on the economy and where the jobs of the future can be found.
https://www.caymaniantimes.ky/news/tourism-could-replace-financial-services-as-lead-industry-dep-premier?fbclid=IwAR2uqNeMVzI7tjV4T8d5a7aDT8FwLf2zUjNTfFOQIk7Gov6CvFsZXY7TCqo&fs=e&s=cl
Haha yes of course, and when it takes CIMA nearly 18 months to still not approve more than 6 such businesses, despite their being a multitude of potential such businesses waiting for the next questionable request from CIMA, I can see this is going to be a great idea
Free Cindy! Get rid of her! She is CIMAs biggest problem.
CIMA and our civil service in general are a massive problem. They have no concept of the value of time, or opportunity.
Or money…
We need to be eternally grateful for the people at CIMA and the work they do.
Every brand-new, cutting-edge, game-changing, earth-shattering, revolutionary green pink or blue technology or new business concept also comes with the same old snake-oil salesmen. CIMA looks at the character of the persons involved.
The need to cut red tape, respond more quickly than our competitors, and a host of other excuses are always amongst the “recommendations” put forward to make Cayman the leader in whatever, but the true purpose is to avoid vetting of unsavory characters who are attracted like flies to sh!t.
I don’t work in the Financial Industry, but I am glad that we have an independent body such as CIMA in place. As a bellwether in Cayman, we must remain vigilant to politicians appointing incompetents to Boards such as CIMA.
Spoken like someone who has no experience of CIMA or the industry.
No one is against proper vetting.
The issue is that CIMA is badly run, badly staffed, bordering on non-responsive, and regularly makes up rules on the fly with no authority to do so.
In short, the very antithesis of what a sophisticated well managed regulator should be.
Worse CARA.
9:27 are you on CIMA board?