GEORGE TOWN, GRAND CAYMAN, 12 June, 2023 – The evolution of technology, from artificial intelligence (AI) to the disruptive effects of the new digital economy, takes centre stage in the Cayman Islands at this year’s CYDEC 2023 conference. The Cayman Islands Digital Economy Conference (CYDEC) is now well-established into its sixth year and with a host of international experts presenting on topics from Web 3.0 to EdTech, custody of digital assets and privacy in an era of innovation, CYDEC 2023 is promising to be a landmark event for Cayman’s digital transformation.

“This year’s CYDEC is shaping up to be our biggest conference to date. We are delighted with the response from the local business community and we are excited to bring together such a diverse group of top tech talent to inform and hear all sides of the debate,” said Adriaan Duvenage of FTS which organises the event.

It seems like everywhere you turn, there has been yet another milestone development in AI. From the fastest ever adoption of a technology – when ChatGPT hit 100 million users two months after launch – to the now frequent warnings that AI could one day destroy humanity, the latest headlines have seen the former chief business officer at Google X claim the risks are so high that if people haven’t yet had children then they should wait until the technology can be better controlled. 

Goldman Sachs predicts AI technology could propel productivity gains that increase global GDP by 7% over the next ten years.  Things are changing so fast that it’s almost impossible to imagine the impact it will have on society, not least how the Cayman Islands should be positioned to take advantage of disruptive innovation in Web 3.0 and EdTech. 

CYDEC 2023  will cover all aspects of this kind of breakthrough technology, bringing together founders, investors, government leaders, advisors and entrepreneurs for first class networking and a full day of discussions. 

CYDEC 2023 will feature designer and educator Laura McBain, managing director of the Stanford d.school and  co-director of the K12 Lab, who will look at AI and ChatGPT and explain exactly what’s to fear and what’s to embrace. 

Emerging technologies expert Ariam Mogos will bring considerable knowledge and a background in design and education, to sharpen the focus on the evolving Web 3.0 digital landscape, as well as its wider implications. 

The changing regulatory picture for digital projects will also be under the spotlight, particularly after the SEC sued the world’s two largest cryptocurrency exchanges in the space of only a couple of days in a new industry crackdown. The broader impact of what has been described as “just another week in crypto” will be covered in apanel discussion on FTX and Central Bank Digital Currencies, looking at the current state of play for retail investors and ordinary people.

Looking at how advances in generative AI will shape the next five or ten years, Kwaku Aning, Director of the Center of Innovation and Entrepreneurial Thinking at the San Diego Jewish Academy will present on Tech’s Role in the Evolution of Learning. Aning is a leading consultant on such project based learning methods as robotics and AI, as well as augmented and virtual reality. For artificial general intelligence, which are systems performing cognitive or intellectual tasks to a level that surpasses human capabilities, he believes it’s time to set the parameters of what we need to be done and to ask the questions that need to be answered, maintaining that the most important issue right now is considering how we are asking the questions to get the outputs we want. “People are saying that English is the new code, but it has always been the code. We just needed to find new ways of expressing ourselves,” he said. “Finally, these systems can understand our native language, but we still have to ask the right questions.”

So what does the technology revolution and future digital economy all mean for a small island in the Caribbean with a high quality infrastructure, limited resources, along and successful history as a financial services centre and designs on leveraging this to become a global centre of excellence for innovation in the digital age? What does it mean for future employment opportunities in the borderless digital economy and how our children will be educated and trained to fully participate. 

These questions and many more will be debated at CYDEC 2023, which is sponsored by the Ministry of Investment, Innovation, and Social Development. Minister of Financial Services and Commerce, the Honourable André Ebanks, MP, will make the welcome address and has championed the need for Cayman to implement the necessary education and training programs to create a pathway to high paying jobs in the digital machine age.

“I’m looking forward to another great day of conversation on technology and innovation and how we can use these aspects to enhance the quality of our lives,” said Minister Ebanks. 

“The Ministry of Innovation is proud to support this wonderful local initiative aimed at keeping the business and wider community abreast of key technological innovations and what they mean for the Cayman Islands both economically as well as socially,” he added.

CYDEC take places on 28 June 2023 at the Westin and registration is available at www.cydec.ky where the full conference agenda can also be seen.