Congratulatory Remarks By Mr. Nik Mohamed Din Bin Nik Musa, Director-General of Labuan FSA at The Inauguration Ceremony of Exness Investment Bank Limited
INAUGURATION CEREMONY OF EXNESS INVESTMENT BANK LIMITED

23 February 2023

Congratulatory Remarks By

Mr Nik Mohamed Din Bin Nik Musa
Director-General, Labuan FSA


Bismillillah…

Mr. David Ian Moyes, Director and Principal Officer of Exness Investment Bank Limited,

Mr. Jacob Wissum, Director of Exness Investment Bank,

Mr. Kevin Tan Kah Seng, Non-Executive Director of Enxess Investment Bank,

Mr. Oh Yee Kang, Head of Labuan Office, Exness Investment Bank.

Ladies and gentlemen,

1. It gives me great pleasure to be here this morning to mark the inauguration ceremony of Exness Investment Bank Labuan Limited. On behalf of Labuan FSA and the financial community of Labuan IBFC, let me extend our heartiest congratulations to Exness Investment Bank Labuan for successfully establishing your presence in Labuan IBFC.

2. This is indeed an auspicious occasion as Labuan IBFC is now home to 30 investment banks representing nine countries. As at mid-February 2023, there are altogether 68 banks operating in Labuan IBFC comprising also 36 full-fledged banks and 2 banks with full digital banking licence. I am delighted that Exness Investment Bank recognises the ready opportunity and potential of Labuan IBFC, and is maximising its global presence by setting up your first investment bank here for your group. On that note, I would like to applaud Exness Investment Labuan for making the strategic decision for selecting Labuan as a jurisdiction of choice to conduct business in the Asia Pacific region.

3. We recognise that Exness Labuan, as one of global multi-asset brokers, uses a unique combination of technology and ethics to create a favourable market for traders and raise the industry standard. This is well supported by Exness’ identity and commitment to the two worlds of technology and ethics, as well as its loyal client base which amounts to hundreds of thousands of active traders, as the key drivers of the global brand.

4. I understand that Exness Labuan’s main services will be offering customers with a direct access to market for trading Contract for Difference (CFD) on foreign exchange, precious metals, commodity pairs, stocks, indices and involved in digital financial services. With the investment banking licence, it can provide the liquidity support to its related entities and other clients.

5. We, at Labuan FSA encourages digital innovations in banking business as they are the impetus for breaking the traditional banking boundaries and the way forward. This is also in line with the Labuan IBFC Strategic Roadmap 2022-2026, where we have put greater emphasis on digital innovation solutions.

6. The presence of Exness Investment Bank in Labuan IBFC will certainly establish a strategic foothold in the region by expanding business opportunities through your diverse range of products and services, which include trading of derivatives, investment advice and providing credit facilities to clients worldwide, including China, Thailand, Vietnam, Indonesia, MENA region and South Africa.

Ladies and Gentlemen,

7. Higher expectation on regulatory alignment and adoption of international best practises have grown in recent years. Labuan IBFC must adapt and evolve in response to global changes in order to maintain and improve our international standing and competitiveness. One of the initiatives being undertaken is rationalisation of Labuan IBFC’s regulatory and tax framework to meet the requirements of international standards. As a business-friendly regulatory regime, we are open to new businesses so long as they comply with the necessary regulations and obligations relating to AMLA and reporting of transactions.

8. Labuan FSA will have regular dialogues with the industry associations representing the players to discuss regulatory matters and business developments. As a new bank in Labuan, we encourage Exness Investment Bank to leverage its membership in the Association of Labuan Banks by actively engaging with other member banks in order to develop business and foster a vibrant intra-Labuan business across the industry. Additionally, we hope that you will bring the necessary expertise and technology to Labuan through your operations here, to assist us in growing and strengthening the talent and competency pool in Labuan and the financial centre.

9. On that note, I wish you all the best in your pursuit of business opportunities and a prosperous banking business journey in Labuan IBFC in the years ahead.

Thank you.
Mr Nik Mohamed Din Bin Nik Musa
Director-General, Labuan FSA
Copyright © Labuan FSA 
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