(CNS Business): Jude Scott, the CEO of Cayman Finance, said that the offshore financial services sector is important to everyone in Cayman and not just those making a direct living from it. In an effort to win the hearts and minds of the local community at a time when the industry continues to come under attack, not just from overseas but more recently at home as a result of the Legal Practitioners Bill, Cayman Finance has launched a local awareness campaign about the sector.
“The financial services industry has such a positive impact on our community,” Scott said. “We understand it can sometimes be difficult for members of the wider community to see the positive influence the industry has on all residents, but the industry accounts for more than 50% of government revenue – that’s in excess of $300 million each year – which helps to fund education, healthcare, infrastructure, charities and more.”
In a recent survey the industry body found that firms who are members had awarded some $1.8 million in scholarships to 95 recipients in 2015. “The total value of donations to local charities totaled over USD $2.2 million. These figures really help to show the industry’s commitment to our community,” Scott stated.
The finance industry employs over 5,000 people including more than 2,700 Caymanians. And it is not just lawyers, accountants; the sector employs IT and marketing professionals as well and it also buys services from large, medium and small businesses in other industries in the Cayman economy helping to create jobs indirectly.
“It is especially important in the lead up to the election that the community understand the importance of the financial services industry. It is our duty to ensure the future leaders of our country make it the priority it should be,” Scott added given the mounting political criticisms from the LA in recent weeks from some independent members about the legal side of the industry.
Hoping to raise awareness about what the financial services industry does and its impact on the wider community and economy Cayman Finance will be giving presentations to various organisations, associations and businesses within different sectors.
The campaign is set to run over the next couple of months. Businesses or organisations interested in hearing a presentation from Cayman Finance can email [email protected] or visit the campaign website www.movingcaymanforward.ky