Labuan FSA is governed by a board known as the Authority, whose members are appointed by the Minister of Finance for a term not exceeding three years, after which they are eligible for reappointment.

The current members comprise business leaders from the private sector as well as representatives from the government and statutory bodies. The roles and responsibilities of the Authority include setting the direction and policies relating to the conduct of business activities in Labuan IBFC. The day-to-day administration of Labuan FSA is entrusted to the Director-General.

The members of the Authority:

Dato' Wan Mohd Fadzmi bin Che Wan Othman Fadzilah


Dato’ Wan Mohd Fadzmi is a professional banker and brings to his new role an extensive background in the finance industry, encompassing over 25 years of experience in domestic and international banking. He began his career in Melbourne, Australia as a Cost Estimator with Peter Slattery & Co in March 1986. Upon his return to Malaysia in 1988, he joined Malayan Banking Berhad (MBB) and held various senior management positions in MBB including Chief Executive Officer/Country Head for the bank’s operations in London, New York and Hong Kong. Thereafter, he joined RHB Bank Berhad as the Director of Global Financial Banking Strategic Business Group from July 2010 to June 2011 where he was responsible for the bank’s international banking operations comprising branches in Singapore, Thailand and Brunei Darussalam. Dato’ Wan Mohd Fadzmi was appointed as the President/Chief Executive officer of Bank Pertanian Malaysia Berhad (Agrobank) in July 2011 until August 2017 where he was responsible for leading Agrobank’s operations via its 188 outlets in Peninsular Malaysia, Sabah and Sarawak.

Currently, he holds various chairmanship and directorships in banking institutions as well as both public and private companies. Notably, Dato’ Wan Mohd Fadzmi is the Independent Non-Executive Chairman of Sumitomo Mitsui Banking Corporation (M) Berhad, and Independent Non-Executive Director of Zurich General Takaful Malaysia Berhad, Hap Seng Consolidated Berhad as well as V.S International Group Limited. He also serves as a member of the Investment Panel at Lembaga Tabung Angkatan Tentera (LTAT).

Dato’ Wan Mohd Fadzmi received many accolades for his sterling career achievements, among others, including Outstanding CEO 2017 from The Association Development Financial Institution in Asia Pacific in Macau, China, CEO of the Year at the Global Islamic Finance Award 2016 in Jakarta, Indonesia, 3rd Islamic Retail Banking Awards 2017 in Dubai, UAE (awarded the Islamic Retail Banking Leadership Award), and 3G Financial Services Awards-Global Good Governance Awards (3G) 2017 by the Cambridge IF Analytica in Dubai, UAE.

He holds a Bachelor of Construction Economics from RMIT University, Australia. He has also attended the Advanced Management Program at the Wharton Business School, University of Pennsylvania, USA as well as the Senior Executive Finance Program at Templeton College, University of Oxford, UK. He is a Chartered Banker at the Asian Institute of Chartered Bankers, a Chartered Professional in Islamic Finance and a Fellow of the Institute of Corporate Directors Malaysia.
Nik Mohamed Din Nik Musa
Mr. Nik Mohamed Din is the Director General of Labuan Financial Services Authority (Labuan FSA). Prior to his appointment, Mr. Nik Mohamed Din was the Director of Money Services Business Regulation, Bank Negara Malaysia (BNM) since 2016.

At his previous post, he was responsible for the regulation, supervision, policy-making and development of cross-border remittance, currency exchange and currency wholesale business in Malaysia. He joined BNM in 1991 and had served in various areas within the Central Bank, including bank regulation, Islamic banking and takaful as well as market development of international finance of the Labuan IBFC.

Mr. Nik Mohamed Din is the Vice Chairman of International Islamic Financial Market (IIFM). He is also Chairman of the Financial Stability Committee of Labuan FSA and a board of director of Financial Park (Labuan) Sdn. Bhd.

Besides holding a Chartered Banker certificate from the Asian Institute of Chartered Bankers, Mr. Nik Mohamed Din holds a Bachelor of Science in Economics and Accounting from the University of Bristol and a Master’s degree in Business Administration from the University of Warwick, United Kingdom.
Steven Choy Khai Choon
Mr Steven Choy is currently the Independent Non Executive Chairman of Zurich Life Insurance Malaysia Bhd, Deputy Chairman and member of the Audit Committee and Nomination & Remuneration Committee of Deutsche Bank Malaysia Bhd. He serves on the Board of Zurich General Insurance Malaysia Bhd, Hap Seng Plantations Holdings Bhd, Bond and Sukuk Information Platform Sdn Bhd and Asian Banking School Sdn Bhd. Mr. Choy is also the Independent Director and Risk & Audit Committee Chairman of Malaysia Marine & Heavy Engineering Bhd and MSM Malaysia Holdings Bhd, as well as a Public Interest Director at the Federation of Investment Managers Malaysia.

Previously, he held senior positions at several financial institutions and served as President / CEO of Cagamas Berhad for six years before retiring in March 2012.

Mr Steven Choy graduated with a Bachelor of Commerce degree from the University of New South Wales, Australia in 1982 and holds a Master’s degree in Business Administration from Oklahoma City University, USA in 1988. He is an accredited accountant in Australia and a member of the Malaysian Institute of Accountants.

Nor Hazlina Ab. Aziz

Ms. Nor Hazlina Ab. Aziz has served in the civil service for more than 20 years. Currently, she is the Section Head of the Governance Valuation Section of the Strategic Financial Control and Corporate Division, Ministry of Finance Malaysia. Earlier, her works involved regional cooperation in financial matters pertaining to ASEAN, ASEAN+3 and ASEM under the International Division.

Previously, she has served in various government agencies including portfolios under the Ministry of Health and the Public Service Department.

Ms. Nor Hazlina holds a Bachelor of Business Administration (Finance) from the Northern University of Malaysia and a Master of Public Policy (Governance) from Meiji University, Tokyo, Japan.

Dr. Aida Othman

Dr. Aida Othman is a Partner at Messrs.Zaid Ibrahim & Co. and the Shariah advisor at ZICO Shariah Advisory Services Sdn Bhd.

Dr. Aida specialises in Islamic banking and finance, Islamic capital market instruments and takaful products and operations. She also advises on Shariah compliance and governance, including on the legal and regulatory framework for Islamic finance.

Currently, she serves as a Shariah committee member of several Islamic financial institutions and is a member of the Islamic Finance Committee of the Bar Council Malaysia, panel arbitrator for Islamic finance or Shariah related disputes at the Asian International Arbitration Centre, member of the Society of Trust and Estate Practitioners (STEP), United Kingdom and a former member of the Technical Working Group on Ethics of the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain.

Dr. Aida holds a Bachelor of Laws (First Class Honours) and Bachelor of Islamic Law (Shariah) (First Class Honours) from International Islamic University, Malaysia, Masters of Law from Cambridge University, United Kingdom. She obtained her PhD in Comparative Law & Middle Eastern Studies and Postdoctoral Fellowship at Harvard University, USA.

Datuk Nor Azimah Abdul Aziz

Datuk Nor Azimah Abdul Aziz is the Chief Executive Officer (CEO) of the Companies Commission of Malaysia (SSM). Prior to her appointment as CEO on 1 May 2020, she was the Deputy Chief Executive Officer (DCEO) of Regulatory & Enforcement and thereafter, DCEO of Corporate Services between 2016 and 2020. She joined SSM as General Manager of the Corporate Policy, Planning and Development Department in 2003. She started her career in 1992 as an Advocate and Solicitor and from there on served as a Law Lecturer at the Accounting Department, Faculty of Business and Management, Universiti Kebangsaan Malaysia (UKM). During her tenure with UKM, in July 2000, she was seconded to the Regulatory and Standards Department of the Malaysian Institute of Accountants (MIA).

She has extensive experience in law reform initiatives and oversaw the passing of significant pieces of legislations under the purview of SSM, among others, the Companies Act 2016, Interest Schemes Act 2016, Limited Liability Partnership Act 2012 and Companies (Amendment) Act 2007. She is currently a Board Member of the Audit Oversight Board (AOB), Board Member for the Integrity Officer Accreditation Board (LPPIB), Board Member of the Financial Reporting Foundation (FRF), Member of the Approval and Implementation Committee of the Iskandar Regional Development Authority (IRDA), Authority Member of the Labuan Financial Services Authority (Labuan FSA) and was elected as an Executive Committee member of the Corporate Registers Forum (CRF) which is an association of international corporate registries.

She obtained her Law Degree from the Institut Teknologi MARA (now Universiti Teknologi MARA or UiTM) and her Master of Laws (LLM in Business Law) from the University of Wales, Aberystwyth, United Kingdom.

Aznan bin Abdul Aziz

Aznan Abdul Aziz is the Assistant Governor of Bank Negara Malaysia who is responsible for the Payments Services Oversight, Financial Conglomerates Supervision, Banking Supervision, Insurance and Takaful Supervision as well as Risk Specialist and Technology Supervision Departments.

Prior to his appointment as the Assistant Governor, he served in several departments including Financial Conglomerates Supervision, Governor’s Office, Islamic Banking and Takaful, Financial Sector Development, Financial Intelligence Unit, Financial Surveillance and Bank Regulation Departments.

He was previously the Chairman of the Financial Technology Enabler Group that was responsible for developing strategies and regulatory policies to facilitate the use of technology in financial services and the Assistant General Manager of Danamodal Nasional Berhad, the special purpose vehicle established to recapitalise distressed financial institutions during the 1997 Asian Financial Crisis.

Aznan holds a Degree in Economics and Accounting from the University of Bristol, England.

Salmah Bee Mohd Mydin

Salmah Bee Mohd Mydin is the Executive Director of Market Development at the Securities Commission Malaysia (SC) responsible for sustainability, corporate governance, investment product development along with the securities and derivatives development functions.

An important focus of the SC’s agenda is the development of a capital market that is inclusive and sustainable and Salmah leads a team that is responsible for formulating initiatives to enhance market efficiency, vibrancy and competitiveness. She is a board member of the Audit Oversight Board, the Finance Accreditation Agency, the Malaysian Venture Capital and Private Equity Development Council; and Penjana Kapital Sdn Bhd, an MoF Inc company.

With vast experience in investigation, intermediaries supervision, market surveillance, authorisation and licensing; and development and policy formulation, Salmah has been involved in numerous external engagements including initiatives in public sector at the national level.

She has a Bachelor of Arts (Management and Business Studies) from the University of Liverpool and a Master in Science (Public Policy and Management) from the University of London.

Datuk Hisham bin Rusli

Datuk Hisham Bin Rusli is the Deputy Chief Executive Officer (Compliance) of Inland Revenue Board of Malaysia (IRBM). In his role, he oversees various functions, including Administration and Management, Human Resources Management, Finance, Procurement, Logistic Management, Staffing and Organisational Restructuring, Risk and Integrity Management, and Training Monitoring. Additionally, he is responsible for monitoring state operations and leads the implementation of HASiL e-invoicing. 

He holds a BA (Hons) Accounting and Finance from University of Plymouth United Kingdom and an MBA of Management from Open University Malaysia Kuala Lumpur .
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