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Offshore Financial Services and the Internet: Creating Confidence in the Use of Cyberspace?

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  • Sharon Cobb

Abstract

The use of the Internet and World Wide Web (WWW) as a distributive medium is seen by many businesses as a legitimate way to cut costs of operation. Confidence is growing in the use of this medium to transact business because of the increasing sophistication of firewalls, encryption software, and digital key technology. This paper presents empirical evidence from one offshore financial center where the process of legislative and regulatory reform put in place to establish confidence in the traditional provision of offshore financial services is now being used to regulate and legitimize the online distribution of such services. The results show that all firms surveyed for this study use the Internet for routine brochure‐ware purposes and the larger firms (particularly in the offshore life insurance sector) are developing more sophisticated customized transactional functions via extranet platforms. Tensions exist though with respect to “regulatory grasp” via the Internet, as offshore places are being put under increased pressure by supranational organizations such as the Organization for Economic Cooperation and Development (OECD) and Financial Action Task Force (FATF) to require greater transparency in offshore financial transactions.

Suggested Citation

  • Sharon Cobb, 2003. "Offshore Financial Services and the Internet: Creating Confidence in the Use of Cyberspace?," Growth and Change, Wiley Blackwell, vol. 34(2), pages 244-259, June.
    • Handle: RePEc:bla:growch:v:34:y:2003:i:2:p:244-259
    DOI: 10.1111/1468-2257.00216
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    References listed on IDEAS

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    1. Mark Hampton, 1996. "The Offshore Interface," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-25131-5, December.
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    Cited by:

    1. Alisa Minina, 2016. "Consumption of financial services : Developing a conceptual framework," Post-Print hal-04325626, HAL.
    2. Sharon C. Cobb, 2009. "Redefining “Offshore” in Latin America," Growth and Change, Wiley Blackwell, vol. 40(2), pages 332-356, June.
    3. Alisa Minina, 2016. "Consumption of Financial Services: Developing a Conceptual Framework," Working Papers 2016-006, Department of Research, Ipag Business School.
    4. Mina Baliamoune-Lutz & Sharon C. Cobb, 2016. "Evolutionary Economic Geography for OFCs: Do Political Ties to the Onshore Reduce Capital Inflow Volatility?," Growth and Change, Wiley Blackwell, vol. 47(4), pages 535-555, December.

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