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Business Bytes - February 2022

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This year marks 30 years in operation for LOM Financial Group, which was founded in Bermuda in 1992. The private wealth management company now also has offices in the Cayman Islands, Bahamas and the United Kingdom.

LOM Cayman Branch Manager Alexander Goulden noted that the group's 30th anniversary also marks the firm’s five-year anniversary of the Cayman office.

"Over the past five years, I believe we have established a proven track record here in Cayman and are well known for our custom portfolio construction, as well as our access to unique, alternative investment funds for offshore clients," he said. "I think that our personalised approach has definitely contributed to our success in the local and overseas markets."

Last year, LOM launched a new logo, website and brand purpose with a focus on ocean conservation. As part of its brand purpose, the firm committed to providing support to non-profit organisations dedicated to ocean conservation in each of the jurisdictions in which it operates. In the Cayman Islands, the Guy Harvey Ocean Foundation was the chosen organisation.

To mark its 30th anniversary, LOM will donate a total of US$30,000 to the various ocean conservation organisations that it supports.

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Scotiabank recently launched "SelectPay," a payment programme that allows customers the ability to convert large credit card purchases into fixed, flexible and affordable monthly instalments.
All Scotiabank credit card purchases over US$250 or its equivalent are now eligible for Scotia SelectPay. Primary cardholders can access these flexible repayment options through the bank’s digital platforms — Scotia Mobile App or Scotia Online Banking — to convert these amounts into smaller monthly instalments.

“Customers will be charged lower interest than their usual credit card rate and will have monthly payment options to choose from ranging from three, six, nine and 12 months," said Senior Manager Retail Banking Chervain Stuart. "This will be a great offer for emergency, unplanned or any large expenses customers may have.”

Scotia SelectPay is available only to primary credit card holders with their account in good standing, and the flexible payment option must be set up within the statement period in which the purchase was made.


Key stakeholders from the Cayman Islands Government, financial services industry and accountancy firms met on 12 January for the first meeting in 2022 of the Cayman Islands Institute of Professional Accountants’ ESG Committee.

ESG, which stands for environment, social and governance, is a framework to assess three central factors in measuring the sustainability, social responsibility and ethical structure of an organisation.

The committee’s aim is to promote practices and standards that support the Cayman Islands in becoming a global green finance centre and ultimately offer solutions to urgent global problems like climate change.

“ESG initiatives are a priority for CIIPA and its members,” said the Institute's Chief Executive Officer Sheree Ebanks, who also serves as a committee member. “Cayman is in a position to be the global green finance and ESG leader."

KPMG’s Jodie McTaggart, who serves as committee chair, said formation of the ESG Committee comes at an opportune time.
“With the recent announcement that the government is working on a legislative framework for the implementation of ESG criteria for the financial services industry, we see incredible opportunities for Cayman to be at the forefront of the development of green, blue and sustainable finance," she said.

In addition to McTaggart and Ebanks, committee members include Eleanor Fisher (EY), Angilynn Baraud (Ogier), Richard Harrison (Clearwater), Kelli Dawson (PwC), Lawrence Usher (Deloitte), Anna Ghandilyan (Artex Risk), Arnaud vanDijk (KPMG), Ravi Persad (Caribbean Utilities Company), Rebecca Palmer (Waystone), Edward Olson (MNP), Michelle Bahadur (Ministry of Financial Services) and Kevin Morales (CIIPA).

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Chambers Offshore FinTech Guide 2022 has recognised the law firm Ogier for its cross-jurisdictional expertise in the digital, blockchain and fintech space.

The guide, which identifies leading lawyers and other professionals in the global fintech industry, praised the multi-disciplinary Ogier team for its "thorough approach" in what it called a "complicated" space. Singled out as a notable practitioner was partner Bradley Kruger, head of Ogier's corporate team in the Cayman Islands. The guide described Kruger as "responsive, commercial, intelligent and easy to deal with."

Chambers FinTech identifies the leading payments, blockchain, cyber security and data protection specialists globally, and the rankings are based on thousands of in-depth research interviews.

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