Press Releases
Hong Kong, 3 November 2016 – Labuan International Business and Financial Centre (Labuan IBFC) will reposition its focus on niche areas with high potential growth such as leasing, captives, commodity trading and wealth management.
 
Speaking at the masterclass in Hong Kong today, Labuan IBFC CEO Danial Mah Abdullah said that the midshore centre will embark on a new journey to “further refine the midshore concept by moving away from broad-based financial services” in addition to playing a complementary role to the advisors and service providers in Hong Kong.
 
“The demand for our leasing business has grown steadily, with the total number of leasing companies increasing to 386 and the total assets leased amounting to USD52.5 billion in September 2016. This signifies the continued need for large and heavy equipment particularly aircrafts. Many big leasing names are established in Labuan including China Aircraft Leasing Company Limited and GE Capital,” Danial said.
 
He added that work is underway to further improve the operating framework for the establishment of captives in the midshore centre where “immense opportunities” are present especially in the Asia Pacific region.
 
The midshore centre is also seeing good growth in the wealth management sector through the increase in the number of foundations.
 
Last week, its regulator Labuan Financial Services Authority (Labuan FSA) has announced that it will undertake three key policy initiatives in 2017. The initiatives will include a review of the jurisdiction’s legal framework to better reflect regulatory and supervisory policy intentions, as well as to ensure the legal requirements remain relevant and current; deployment of more efficient technology-based systems for regulatory reporting; and the implementation of the Inter-Governmental Agreement of Model 1B that will facilitate compliance by Labuan financial institutions to the Foreign Account Tax Compliance Act (FATCA) and allow greater exchange of information with the United States.
 
The masterclass in Hong Kong was attended by leading local and international businesses, and primarily focused on Labuan solutions and services, especially in the areas of leasing and trusts. It featured presentations from leading industry players who work closely with Labuan to find the most effective solutions for their clients: Moritz Gubler, Chief Operating Officer at Alpadis Group on tax transparency, Mari-Len Ngu, Director of Operations, for Tricor Trustco (Labuan) on wealth management, and Datuk Chin Chee Kee, Executive Chairman, Noblehouse International Trust discussing leasing.
 
Labuan IBFC welcomes all aspects of business and financial activity ranging from banking and insurance to international tax, trust and foundation laws, and is already home to more than 13,000 companies, 54 banks and over 200 licensed insurance related entities. In 2015, it achieved another year of growth fuelled by robust business policies and continued intermediation, with 7.2% increase in new company registrations compared to the previous year. Over 70% of companies registered in Labuan IBFC originate from Asia.
MEDIA CONTACTS:
LABUAN IBFC
Farah Jaafar Crossby
pressteam@libfc.com
Tel: +603 2773 8977 
Mobile: +6012-326 1216
Audrey Liew
audrey@libfc.com
Tel: +603 2773 8975 
Mobile: +6012-913 8979
Geraldine Lim
geraldine@libfc.com
Tel: +603 2773 8991 
Mobile: +6012-253 8666
Bell Pottinger
Will Bland
wbland@bellpottinger.com
Tel: +852 3478 3916
Mobile: +852 9174 3542

ABOUT LABUAN IBFC
 
ASIA PACIFIC’S MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
 
Labuan International Business and Financial Centre (Labuan IBFC) offers global investors and businesses the benefits of being in a well-regulated midshore international business and financial centre, which provides fiscal neutrality and certainty, in addition to being an ideal location for substance creation.
 
Located off the North West Coast of Borneo, Labuan IBFC provides access to Malaysia’s network or more than 80 double taxation agreements and boasts Asia’s widest range of business and investment structures for cross-border transactions, international business dealings and wealth management needs.
 
Well-supported by a robust, internationally recognise yet business-friendly legal framework, Labuan IBFC operates within clear and comprehensive legal provisions and industry guidelines, enforced by its single regulator, Labuan Financial Services Authority.
 
With a focus on enabling cross-border transactions, providing risk management structures, Islamic financial services, commodities trading incentives and wealth management vehicles, we offer solutions to regional businesses going global or global businesses looking at penetrating Asia’s burgeoning markets.
 
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