The Banker magazine’s recent survey has confirmed the Cayman Islands position as the world’s number 1 specialised financial centre. The jurisdiction’s dominance as a leading banking centre remains firm as this is the seventh consecutive year that the Cayman Islands has maintained the top spot in this highly-regarded, global survey, reports Cayman Finance.
“This unprecedented dominance in banking confirms our role as a global facilitator of the allocation of Investment capital and financing around the world through excellence, innovation and balance in global financial market products and services,” said Mr. Jude Scott, CEO of Cayman Finance.
Mr. Scott said that the leadership of the Cayman Islands as an international banking centre can be attributed to a combination of the world’s top professionals and the jurisdiction’s strong legislative and balanced regulatory framework.
“The Banker Survey is a prestigious global survey and it is indeed encouraging to see that our efforts together as a jurisdiction are achieving consistently high results in terms of global recognition. With over 12 points between us and the next ranked jurisdiction it is clear that we continue to demonstrate the excellence in client service that maintains our position as the leading specialized financial centre”, Scott added.
Hailing strong working relationship between the Cayman Islands Government, the Cayman Islands Monetary Authority, the judiciary and the financial services industry as a key factor in Cayman’s success, Mr. Scott said that these organisations recognize the jurisdiction’s important role in the global financial market and have continually demonstrated a commitment to ensuring the strength of the banking sector.
Cayman’s modern and robust infrastructure, tax neutrality with a key focus on tax transparency, geographical location, best in class banking professionals, English speaking population and business friendly environment facilitate the accessibility of banking services to an international clientele, he added.
The Banker magazine is part of the globally recognised and respected Financial Times Group. The IFC rankings are based on data ranging from financial market indicators, economic potential, and business environment factors. The rankings focus on the level of international business and the value for institutions seeking to expand their international operations.
Of the specialised financial centres, Cayman is followed by Jersey, Guernsey, and the Bahamas, in second, third, and fourth place, respectively.