(CNS Business): The Cayman Islands Monetary Authority (CIMA) has announced that electronic submissions via its secure web portal, CIMAConnect, will now be the only accepted method of application for registering new mutual funds. CIMA said in a statement Friday that this was the latest expansion of CIMA’s e-business service offerings and validated its continual efforts to innovate and enhance efficiency. The authority said that CIMAConnect is a convenient, secure and reliable portal that reduces manual processing, lessens the turn-around time for approval decisions and provides additional protection for document recovery in the event of a disaster.

“We are delighted with the continual progression and success of the CIMAConnect project,” Managing Director, Cindy Scotland said. “The ability to automate and manage the Authority’s services and processes for quick realization of business is vital to effectively serve our local and global stakeholders.” 

Launched in 2010, CIMAConnect, which is powered by Brac Informatics Centre, modernises the way regulated entities do business with the authority, allowing online submissions for CIMA authorisation. Expansion of the platform’s functionalities is envisioned, enabling service providers to make other applications online, CIMA said.

As CIMAConnect is accessible by authorised users only, service providers are reminded to request access by completing an application available at www.cimaconnect.com. A management account will be activated and accessible immediately upon approval.