12 January 2018Analysis

Labuan IBFC lays out transformation plan for 2018

Labuan International Business and Financial Centre (Labuan IBFC) held a session on January 10 aimed at updating market intermediaries on the strategic direction of the Centre in 2018.

Labuan IBFC envisions to position itself in Asia Pacific as a well-regulated, transparent, and substance enabling jurisdiction, offering diversified products and solutions.

The session served as a platform to communicate these aspirations as it enters a new phase of its development via a transformation plan.

Director-General of Labuan Financial Services Authority, Encik Danial Mah Abdullah, stated that "to ensure Labuan IBFC’s continuous expansion, it is imperative the Centre is transformed in tandem with developments in international business intermediation and the rigours of global standards of transparency, supervision, and regulatory robustness, while also contributing to the economic growth of the island.”

Puan Farah Jaafar-Crossby, CEO of Labuan IBFC, share strategies with her team during the session, developed towards promoting Labuan IBFC's solutions for the Asian market.

The key target demographic identified includes Asian countries like Singapore, Hong Kong, Gulf Cooperation Council Countries, Taiwan, ASEAN countries and Japan, focusing on expanding Labuan IBFC’s intermediary base, highlighting solutions in wealth management, capital market, risk management, Islamic financial services, asset leasing  and international business intermediation.