Authority Members
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:
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:
Affendi Rashdi
Mr. Affendi, from Bank Negara Malaysia (BNM), most recently served as the Chief Services Officer, where he led the strategic vision and execution of the Bank’s Centralised Shared Services sector to ensure institutional excellence and the efficient delivery of services. Over the course of his career at BNM, Mr. Affendi held several pivotal roles, including Director of the Finance Department, Deputy Director and Manager of the Development Finance and Inclusion Department, as well as a core member of the Financial Sector Blueprint team. He also contributed significantly as a Board member of various BNM trust funds, including the Medical Trust Fund, INCEIF Trust Fund, Asian School of Business Trust Fund, and the Tun Ismail Ali Chair Trust Fund.
Throughout his distinguished career, Mr. Affendi has been instrumental in the development of financial sector policies and regulatory frameworks, particularly in strengthening the role of Development Financial Institutions. His notable contributions include the review and enhancement of the Development Financial Institutions Act (DFIA) 2012, the corporatisation of Agrobank, the establishment of SME Bank, and the formation of the Cooperatives Commission of Malaysia as a regulatory body. He also made efforts in shaping central bank accounting best practices and provided strategic financial, tax, and treasury advisory to BNM’s management and Board. In addition, he played a key role in shared services strategy covering procurement, facilities management, administration, and security.
Mr. Affendi holds a Master’s degree from Harvard University and a Bachelor of Accountancy from Universiti Teknologi MARA (UiTM). He is a member of the Institute of Chartered Accountants in England and Wales (ICAEW), a Fellow of the Association of Chartered Certified Accountants (FCCA), a Chartered Accountant with the Malaysian Institute of Certified Public Accountants (MICPA), and a member of the Malaysian Institute of Accountants (MIA). He is also a Chartered Banker, certified by the Asian Institute of Chartered Bankers (AICB).
Throughout his distinguished career, Mr. Affendi has been instrumental in the development of financial sector policies and regulatory frameworks, particularly in strengthening the role of Development Financial Institutions. His notable contributions include the review and enhancement of the Development Financial Institutions Act (DFIA) 2012, the corporatisation of Agrobank, the establishment of SME Bank, and the formation of the Cooperatives Commission of Malaysia as a regulatory body. He also made efforts in shaping central bank accounting best practices and provided strategic financial, tax, and treasury advisory to BNM’s management and Board. In addition, he played a key role in shared services strategy covering procurement, facilities management, administration, and security.
Mr. Affendi holds a Master’s degree from Harvard University and a Bachelor of Accountancy from Universiti Teknologi MARA (UiTM). He is a member of the Institute of Chartered Accountants in England and Wales (ICAEW), a Fellow of the Association of Chartered Certified Accountants (FCCA), a Chartered Accountant with the Malaysian Institute of Certified Public Accountants (MICPA), and a member of the Malaysian Institute of Accountants (MIA). He is also a Chartered Banker, certified by the Asian Institute of Chartered Bankers (AICB).
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.
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.
John Patrick Antonysamy
John Patrick Antonysamy has served in the Government Administrative and Diplomatic Service for the last 29 years in several roles. He served in the Ministry of Finance in the Budget Division as well as the Economics and International Relations Division. His area of work involved Malaysia’s participation in finance related areas in ASEAN, APEC and ASEM as well as international organisations such as the World Bank, IMF, ADB and WTO. Besides that, he has also served in the Tax Division and was responsible for FTA negotiations on tax issues, the WTO Trade Facilitation Agreement as well as OECD and Multilateral Tax Issues. YBrs Tuan John Patrick Antonysamy was involved in the formulation of tax incentives, examining Services Sector and Petroleum Tax Exemptions as well as representing the Ministry of Finance in the MIDA National Committee on Investments.
During his service at the Ministry of International Trade and Industry, he was the Senior Director of Strategic Planning Division responsible for planning the Industrial Masterplan. In addition to that, John Patrick Antonysamy took on the role of Lead Negotiator for Market Access under the TransPacific Partnership Agreement (TPPA) responsible for market access for goods. He has also served as Malaysia’s Chief Negotiator for ASEAN-China Free Trade Agreement (ACFTA).
John Patrick Antonysamy also served as the Deputy Director General II at the Public Private Partnership Unit under the Prime Minister’s Department. His main roles and functions include chairing the Project Steering Committee to plan, coordinate, evaluate and negotiate Public Private Partnership projects. His area of work relates to projects in the social and security sectors, involving healthcare, education, higher education, security, and land development projects.
John Patrick Antonysamy is currently the Under Secretary of Tax Division, Ministry of Finance responsible to facilitate an optimum taxation system whilst encouraging private sector investments to enhance national economic growth.
John Patrick Antonysamy holds a Degree in Math and Education. As a civil servant, he obtained a Diploma in Public Administration to expand his knowledge in the field of administration. He also pursued a Master’s Degree in International Economics.
Dr. Aida Othman
Dr. Aida Othman is a Board Member of 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.
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.
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 Deputy 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 Deputy 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.
Prior to his appointment as the Deputy 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 development and policy formulation in the areas of investment management development, corporate governance, along with the securities and derivatives.
An important focus of the SC’s agenda is the development of a capital market that is inclusive, relevant and diversified 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 Labuan Financial Services Authority and the Audit Oversight Board and previously served on the Penjana Kapital Sdn Bhd, an MoF Inc company, the Finance Accreditation Agency, the Malaysian Venture Capital and Private Equity Development Council and the Capital Market Compensation Fund.
With strong experience in investigation, intermediaries supervision, market surveillance, authorisation and licensing;, 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.
An important focus of the SC’s agenda is the development of a capital market that is inclusive, relevant and diversified 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 Labuan Financial Services Authority and the Audit Oversight Board and previously served on the Penjana Kapital Sdn Bhd, an MoF Inc company, the Finance Accreditation Agency, the Malaysian Venture Capital and Private Equity Development Council and the Capital Market Compensation Fund.
With strong experience in investigation, intermediaries supervision, market surveillance, authorisation and licensing;, 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.
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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 .
