Labuan IBFC: Connecting Asia's Economies for 25 Years
Labuan IBFC celebrates its anniversary with a conference and a gala dinner in recognition of the unyielding support received from practitioners in the financial services industry
Labuan, 30 October 2015 – The Labuan International Business and Financial Centre (Labuan IBFC) is celebrating its 25th Anniversary or silver jubilee as the financial centre that connects the economies of Asia.
The anniversary was celebrated by hosting a conference on Labuan island which focused on the macro question of how key developments in Asia will shape the global economy. This presentation was made by Norman Loayza, Lead Economist of Development Research Group, World Bank.
In addition, the conference also included an outlook into the future of international financial jurisdictions, via a presentation entitled “The Evolution of International Financial Centres”, by John Harris, Director General, Jersey Financial Services Commission.
Mr Harris concluded that international financial centres will continue to grow as the need to eliminate friction when transacting cross border in this highly globalised market environment will ensure the continuous demand, albeit in a more transparent manner. He added that Labuan IBFC, like Jersey which sits close to the epicentres of economic trade will benefit the most.
The celebration culminated with a gala industry dinner, graced by the Chairman of Labuan Financial Services Authority, Tan Sri Dato' Sri Dr. Zeti Akhtar Aziz, Yang Berhormat Datuk Haji Rozman bin Datuk Haji Isli, Member of Parliament, Wilayah Persekutuan Labuan and Chairman of Labuan Corporation and more than 500 industry practitioners, in one of the largest ever gatherings of its kind.
As Asia’s only international business and financial centre, Labuan IBFC has eased the movement of capital and risk in the region, and has participated as a key jurisdiction in many Asian led initiatives such as being the domicile for the Asian Infrastructure Fund managed by the Asian Development Bank.
Since its inception in 1990, Labuan IBFC has grown from strength to strength and uniquely evolved into a financial centre which has facilitated the growth of Asian corporates and participated in Asia’s ascent into one of the most economically vibrant regions in the world.
Labuan IBFC supports all aspects of business and financial activities ranging from banking, insurance, wealth management to company formation. It reported strong performance across all business sectors in 2014, with a 12.3% increase in new company registrations last year. A similar growth rate is expected in 2015.
Managed and supervised by the Labuan Financial Services Authority, Labuan IBFC boasts a balanced supervisory and regulatory framework and a strategic location in the heart of Asia Pacific. Its high regulatory framework and a robust legal system which is well supported by a comprehensive reporting regime, has allowed Labuan IBFC to stand out as the ideal ‘midshore’ jurisdiction in the region.
Labuan IBFC’s midshore offering has allowed users to be comforted that they are operating in a well-regulated jurisdiction, while enjoying the ease of doing business in an international financial centre from which to base regional operations and manage multi-jurisdictional assets.
Datuk Ahmad Hizzad Baharuddin, Director-General, Labuan Financial Services Authority in his speech at the gala dinner said, “From humble beginnings, Labuan IBFC is now considered as one of the leading financial centres in the Asia Pacific region. Confidence in Labuan remains and the centre has been posting an average of about 10% growth year-on-year and more than 70% of the companies originated from Asia.”
He added that as of September 2015, the number of companies has grown by more than thirteen-fold to 12,281, evidencing Labuan IBFC’s role as the platform which links trade and investments in the region.
“This growth reflects that the growth of Labuan IBFC is in tandem with the regional economies, evidencing that we do indeed serve as a platform for intra as well as inter Asian trade and investments,” he said.
Labuan Financial Services Authority
30 October 2015
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ABOUT LABUAN IBFC
ASIA PACIFIC’S MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
Labuan International Business and Financial Centre (Labuan IBFC) offers global investors the benefits of a leading international financial centre with access to Malaysia’s network of over 70 double taxation treaties. As a leading midshore jurisdiction, investors enjoy the benefits of Labuan’s efficient fiscal framework and market-friendly business environment, supported by professional service providers specialising in all aspects of insurance, takaful, international tax, trust and law.
Located off the North West coast of Borneo, Labuan IBFC is a leading jurisdiction for conventional and Islamic financial services. Please visit: www.libfc.com.
