As of 2021, the global financial services industry was valued at approximately USD 20 trillion. This includes a broad range of financial services, such as banking, insurance, investment management, and other related services.
Jamaica has, since 2011, taken steps to establish itself as a financial services center in the Caribbean region, and has made progress in developing its legislative and regulatory framework to support this goal. The country has implemented a range of measures to attract international investment and business, including offering tax incentives and developing infrastructure and training programs for financial services professionals.
However, while Jamaica has made some progress in establishing a financial services center, it still faces significant competition from other countries in the region and around the world. Major competitors for Jamaica include established centers such as Bermuda, the Cayman Islands, and the Bahamas, as well as emerging centers like the Dominican Republic, Panama, and Costa Rica.
To successfully establish a financial services center, Jamaica will need to continue to develop its legislative and regulatory framework, build up its infrastructure and workforce, and compete effectively with other centers in the region and around the world.
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