Offshore Finance Industry is important to Cayman

Jude Scott, the CEO of Cayman Finance, said that the offshore financial services sector is important to everyone in the Cayman Islands and not just those making a direct living from it.

In Order to get the understanding by 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.”

The finance industry employs over 5,000 people including more than 2,700 Caymanians. And it is not just lawyers, accountants, but also IT and marketing professionals. Also, the finance sector buys services from large, medium and small businesses in other industries in the Cayman economy helping to create jobs indirectly.

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.

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