Minister Ebanks at CYDEC 2021: investment in innovation to get to most vulnerable

Minister Ebanks at CYDEC 2021: investment in innovation to get to most vulnerable

June 11, 2021
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Read the below coverage on CYDEC’s conference published by Loop Cayman.

Minister of Financial Services and Commerce, and of Investment Innovation, and Social Development, Andre Ebanks, recently announced that the vision of the PACT government is to ensure that investment in innovation makes its way throughout Cayman society, from the most privileged to the most vulnerable.

This statement was made at the fourth annual Cayman Islands Digital Economy Conference (CYDEC), hosted virtually by FTS, on June 3. The successful event had 130 registrants.

This year’s theme focused on how digitisation can help Cayman to  preserve and enhance its position as one of the world’s most successful international financial centres, one of the most attractive tourist destinations and one of the most COVID-safe countries both in the global market and locally, for the benefit of Caymanians.

Featured topics included: cryptocurrencies, Cayman’s new digital ID, the pros and cons of digital currency, digitisation of the KYC process and a keynote international speech on the global digital revolution.

The annual conference was brought to the virtual platform following last year’s COVID restrictions. Following 2020’s online success, and the opportunity it creates for international speakers and delegates, CYDEC has remained on-screen for its second year. 

Minister Ebanks launched the event and introduced this year’s theme: Putting Cayman on the digitisation track.

He described the Cayman Islands’ future as extraordinarily bright in this space. Touching on social development, he said: “The overall vision of this government is to ensure that investment in innovation not only assists those who are well-off, but also the most vulnerable in society.”

He also discussed Cayman’s preparedness for technological development. “There are of course global challenges but we are well poised to meet these challenges – as we have done in the past,” he said.

Director of FTS and CYDEC Founder, Paul Byles, was delighted with this year’s turnout. The local economist is passionate about Cayman fully immersing into the digital revolution.

“The purpose is to show how digitisation can help to improve various aspects of our lives. It’s also about putting the Cayman Islands on track; most developed countries have had formal institutional structures in place to foster technological innovation and awareness in this area for years,” said Byles.

Keynote speaker, James Alexander delivered an address about the transition toward an equitable, carbon neutral, nature positive society. The co-founder of #voiceoftheplanet and director at Future Agenda shared his insights as a foresight, strategy and innovation consultant – presenting “Global trends in digitization. How it started, how it’s going.”

Another global perspective was brought by Caribbean Economist, Marla Dukharan. She highlighted that Cayman already has the foundation in place to lead in the area of technology, within both government and the private sector – particularly concerning digital currency services. Listing some of the benefits she said, “Digitising government services means fiscal savings, increased collections of government, and new and improved efficiency in the deployment of public spending.”

Ian Tibbetts, Director of eGovernment, Ministry of Investment, Innovation and Social Development, delivered key insights around Cayman’s proposed digital register and national ID card – planned to go before Parliament in 2021. He took the audience through the concept and its benefits, using the success of Estonia’s similar programme as a case study.

Tibbetts described the government’s digital identity programme as fundamentally empowering people to securely participate in the digital society.” When discussing the initiative’s timeline, he said “the bills and regulations are being drafted for the various consultations with the aim of going to Parliament later this year”.

The international speakers were joined by local industry experts:

Petri Basson, of HASH Consulting and Chairman of the Blockchain Association; Paul Byles, CYDEC Conference Founder and Director of FTS; Oliver Close, Vice President of Active Investments at DART; Justin Fisher, Co-Founder and CEO of Veriblock; Adam Lambert, Managing Director at ZIMTRA; Blair Lilford, Founder of SALT Technology Group; Ian Tibbetts Director of eGovernment, Ministry of Investment, Innovation and Social Development, and Ryan Watson, Vice President of IT at Brave.

Tammi Sulliman, Senior Manager, News & Content at Dart was Master of Ceremonies for the third consecutive year.

Launched in 2018 as the first conference of its kind in the Cayman Islands, CYDEC has become a highly anticipated signature event in Cayman. The first CYDEC event in 2018, inspired Byles to launch the ‘Digital Cayman’ industry body.

The success of this annual event has contributed to the continued growth and development of the digital industry in Cayman.