Grand Cayman, 14 December 2022 – The Ministry of Financial Services is undertaking the creation of a medium-term strategic plan for financial services in the Cayman Islands, with the first formal step being today’s posting of a Request For Proposal on the CIG’s Bonfire procurement platform.

The Ministry is seeking an external consultant to assist with the development of the plan in early 2023. The development of the plan is anticipated to involve extensive stakeholder consolation across both the public and private sectors.

Minister for Financial Services and Commerce, the Hon. André Ebanks, noted that the plan is part of the long-term objective to have a public, achievable jurisdictional strategy for financial services.

“This initiative will help steer the work that the Cayman Islands performs in the coming years,” Minister Ebanks said. “For example, there are a number of compelling opportunities we need to explore further, such as the likes of sustainable finance, virtual assets, and reinsurance; and the strategy will help us assess such opportunities and determine broad steps to convert suitable opportunities to steady and sound business.”

The RFP is open to local and international service providers with the relevant experience and qualifications.