Cayman jumped 13 spots in the Global Financial Index, making us the 28th most competitive financial centre in the world.
The figures were released this week and shows significant progress over last year’s ranking of 41st place. Financial Services Minister Wayne Panton says this new rank could bring more economic opportunities our way.
The index is a ranking of the world’s financial centres based on assessments of five main areas including reputation and general factors, financial sector development and business environment. Minister Panton says the ranking is a boost for Cayman’s financial services sector.
“This is just another indication of the improving perception of the Cayman Islands both, in terms of its credibility as a jurisdiction but also in terms of its perceived environment in which business can be done effectively and that is very important to us,” Mr Panton said.
Cayman Finance CEO Jude Scott also welcomed the news as he says it shows the strength of the local industry and its credibility.