Taipei, 31 March 2016 – Labuan International Business and Financial Centre (Labuan IBFC), Asia Pacific’s midshore international business and financial centre, in collaboration with the Portcullis Group and Fusang Family Office presented on “Asian International Financial Centres and their role in wealth management” in Taipei today.
Wealth management remains a key offering of the financial sector, as Asian wealth continues to grow notwithstanding the current challenging economic environment. A key success factor for financial centres and advisors is being able to structure wealth management solutions in a more transparent manner while ensuring the interest of the clients are protected.
Jointly held with the Portcullis Group, the largest independent trust, fund and family office service provider in Asia, and Fusang Family Office, the event was organised by Taiwan Academy of Banking and Finance. Portcullis has serviced clients for more than 30 years, providing professional expertise in wealth management and is present in Labuan IBFC via Baxian Trust, a licensed trust company authorised to provide trustee and corporate services in the jurisdiction.
The event attended by close to 80 delegates, featured a presentation by David Chong, Founder and President of Portcullis Group, which focussed on Asian financial centres, primarily in areas of the legal and tax framework, especially in respect of transparency.
Danial Mah Abdullah, CEO of Labuan IBFC in his opening remarks said “We chose to conduct this presentation in Taiwan as it is a key market for Asian financial centres, including Labuan IBFC especially as Taiwan's economy continues to show resilience and growth, even in these current challenging times”. He added that this resilience is clearly a testimony to the fundamental strength of the economy.
Chong in his presentation said “Labuan IBFC’s extensive range of solutions in wealth management coupled with a tax neutral environment and its strategic location in the heart of Asia Pacific provides an ideal domicile for Taiwanese based clients”.
He added that Labuan IBFC, with a 25-year track record, is also the only jurisdiction in Asia that offers private client foundations and special purpose trusts, through which high net worth individuals and families are able to structure their business succession plans.
In fact, Labuan IBFC foundations are increasingly used as wealth preservation solutions. The number of foundations being established in Labuan IBFC has shown strong growth over the past years with 75% of them originating from Asia.
Currently, Labuan IBFC is home to companies and licensed entities originating from Taiwan, such as banks and reinsurance broker.
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