Cayman Finance CEO Steve McIntosh has called for forward-thinking reforms and investment to ensure the financial services industry’s continued success, noting key challenges were internal rather than external.
Speaking at the Chamber of Commerce 2025 Economic Forum, McIntosh highlighted the importance of maintaining Cayman’s competitive edge and emphasised the need to strengthen the “operating system” supporting the industry.
Key government bodies, such as General Registry and the Cayman Islands Monetary Authority (CIMA), have been integral to the sector’s success. However, to meet the increasing demands of a growing global client base, strategic investments in technology, talent and infrastructure are essential.
“By upgrading our systems, investing in technology and enhancing the resources available to these critical institutions, we can ensure the Cayman Islands remains a leading financial centre,” McIntosh said.
Focus on talent and expanding opportunities
The Cayman Finance CEO noted the financial industry offers significant opportunities for Caymanians and that promoting local talent remains the top priority.
At the same time, streamlining work permit processes and supporting international hiring will not only allow firms to grow and create new opportunities locally but also secure the sector’s growth and its critical contribution to Cayman’s economy.
McIntosh outlined how a trend towards job offshoring caused the finanical services industry headcount to grow by less than 10% to 6,200 jobs over the past 15 years, when during that period the population grew by 60% and employment in tourism expanded by 50%.
Work permit fees in financial services are five times higher than in tourism and workers in financial services earn more and spend more in the economy. Yet, a combination of work permit fee increases, recruitment restrictions and technological innovation, making it easier to work remotely off island, are holding financial services recruitment back, he said.
“The huge opportunity we have, is to do a much better job of workforce planning, to do everything we possibly can to support Caymanians who want to work in the sector so that every Caymanian who is willing and able to work in the industry has the opportunity to do so. That is and will remain priority number one,” the Cayman Finance CEO said. “But we also have to be realistic about the inherent, mathematical limitations of those efforts, and allow financial services companies to hire the people they need from overseas when Caymanians are not available, just as we do for our hotels, restaurants, and every other sector of our economy.”
Promoting Cayman internationally
Given the financial services industry’s contribution to Cayman’s economy, supporting half of government revenue and enabling the islands to operate without direct taxation, McIntosh urged a greater focus on promoting the industry globally.
Increased funding would help capitalise on new opportunities in areas like reinsurance and fintech, he said, contrasting government’s 40 times larger financial support to tourism promotion with that given to financial services.
“Cayman Finance has made significant strides in raising the profile of our financial services, but with increased support, we can amplify our efforts and further solidify our position as a world-class financial centre.”
