Business leaders and investors from around the world kicked off the 2018 Cayman alternative investment summit. Among the topics, the fast-growing financial technology industry where Cayman appears poised to make itself a world-wide hub. Cayman 27’s Jevaughnie Ebanks was there today. He has this report.
Their attention on exploring alternative industry investments, hundreds of people came together as the 2018 Cayman Alternative Investment summit began. Premier Alden McLaughlin wasted little time in broaching the cutting edge financial technology industry. He said, “I have come to understand that what have made Cayman an attractive off shore jurisdiction of choice for many types of financial services, also makes us attractive to this new breed of financial services tech entrepreneurs.”
But as investors world-wide get excited about Fin-Tech’s potential, he says many are still trying to figure out how it will all play out. He said,”In the midst of this change, government and regulators including ours are scrambling to understand what all of this would mean for finance consumer protection, levels of taxation and of course future job an economic growth.”
According to Cayman Enterprise City, Cayman already is attracting Fin-Tech companies from around the world. Minister of Financial Services Tara Rivers says that we must continue to innovate and adapt while remaining vigilant about potential pitfalls. She said, “We need to also look at the regulatory frame-work to ensure that we can create an appropriate framework which takes in to consideration the concerns about anti money laundering, anti terrorist financing concerns.”
The two day summit will host a number of panel discussions regarding this emerging field. Event organiser Chris Duggan says this event is pivotal for those looking to profit off an emerging market. He said “If we don’t we will be clearly left behind and what that looks like is left to be seen but I’m sure it’s not going to be pretty.”
The summit will continue through tomorrow evening (9 February ) with key-note speaker The Fresh Prince of Bel Air, Will Smith. We understand Danica Patrick will also speak.