Welcome Speech by Mr. Nik Mohamed Din Bin Nik Musa, at the Labuan FSA 25th Anniversary Commemorative Coin Launch

15th December 2021

Welcoming Remarks By

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

Yang Berhormat Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz,
Menteri Kewangan Malaysia

Yang Berbahagia Datuk Siti Zainab Omar
Pengerusi, Labuan Financial Services Authority (Labuan FSA)

Yang Berbahagia Tan Sri Nor Shamsiah binti Mohd Yunus
Governor Bank Negara Malaysia

Yang Berbahagia Datuk Syed Zaid Albar
Pengerusi Eksekutif, Suruhanjaya Sekuriti Malaysia

Yang Berbahagia Datuk Seri Hajah Rosida binti Jaafar,
Ketua Setiausaha Kementerian Wilayah Persekutuan

Your Excellency High Commissioner and Ambassadors

Tan Sri, Dato’ Seri, Dato’-Dato’

Members of the Media, Ladies and Gentlemen

Assalamualaikum WBT and a very good afternoon to all

1. On behalf of Chairman and the Members of the Authority, the management and everyone at Labuan FSA, I wish to welcome you to the launch of Labuan FSA 25th Anniversary commemorative coin. I wish to express our deepest appreciation to Yang Berhormat Menteri for sparing some time from his schedule to be with us to grace this memorable occasion and launch the commemorative coin. I am also grateful to Yang Berbahagia Governor and Bank Negara Malaysia for dedicating a special coin to mark this anniversary celebration and for being with us today.

2. The commemorative coin is important as it signifies the 25-year journey made by the Labuan regulatory authority that was given the mandate to govern the Labuan International Business and Financial Centre or IBFC. It is also a tribute to the dedication and commitment of the past and current leadership as well as those who had served and who are currently serving the Labuan FSA to make Labuan IBFC what it is today. It is indeed a privilege for me to be standing here as a show of gratitude in the presence of past chairmen, the members and director generals of Labuan FSA who had led Labuan FSA to greater heights. The anniversary theme “A journey of dedication, determination and dynamism” aptly defines all the efforts put in by the individuals working for Labuan FSA.

Ladies and Gentlmen,

3. The several years of its initial operation particularly from its inception in 1996 to the year 2000 was known as the formative years. The primary focus was to continue laying and strengthening the foundation for the existing Labuan financial institutions and companies. Prior to 1996, the IBFC was administered by 3 different governing authorities. The Labuan legislations were reviewed and enhanced to create a more enabling and competitive environment. From the beginning, the approach has always been to build a centre with physical offices and real talents based in Labuan, and not as a mere booking centre especially for the regulated and licensed financial institutions. The aim was to allow top international and selected regional players to have presence in Labuan so as to promote its status as a reputable physical financial centre. They were allowed to have restricted operations outside Labuan in order to make ease their marketing activities and meeting with clients.

4. For the ten years from 2001 until 2010, the objective was to create diversification and strengthen the international linkages. More international trading and non-trading businesses were given priority and they enjoyed the tax incentives under the Labuan tax law as business began to be more global and to diversify from financial services.

5. Interlinkages is key for Labuan FSA to be globally recognised and align its regulations against international standards, and for the IBFC to continue to be visible within the international regulatory community. Labuan FSA actively participated in eight international bodies such as the International Association of Insurance Supervisors (IAIS), Group of International Financial Centre Supervisors (GIFCS), International Organization of Securities Commissions (IOSCO), and the International Islamic Financial Market (IIFM), to name a few. These memberships reflect Labuan FSA’s commitment to be proactive in international dialogues and cooperation with its peers across jurisdictions – a necessity as the Centre becomes more integrated and embedded within Asia’s business community and beyond.

6. The last ten years until 2020 were the years when the focus was to enhance the regulatory and supervisory framework further and to refine market niches and their competitive edges. At the same time, efforts were channelled to continue ensuring the availability of a wide array of financial products and services to position Labuan as an important intermediation centre in Asia. The aim was to ensure that Labuan IBFC was ready to compete and complement more effectively in the international financial landscape.

Ladies and Gentlemen,

7. From just about 20 officers during the initial set-up, Labuan FSA now has grown to 112 staff in tandem with its expanded responsibilities. From the bottom of our hearts, we at Labuan FSA wish to thank all the key stakeholders that include the Ministry of Finance, Federal Territory Ministry, Bank Negara Malaysia, Securities Commission, the Inland Revenue Board, Attorney-General Chamber, Companies Commission of Malaysia, Labuan Corporation, National Anti-Financial Crime Centre, industry associations and players as well as all others who have helped us along the journey.

8. And now in its 25th year, Labuan FSA is at the cross road of charting a new chapter for the Labuan IBFC. We now live in a challenging yet exciting times. The Covid pandemic has put us on a new norm in the ways of doing business. It has forced us to think outside the box in search for newer and better ways. Like the saying goes, behind every crisis there’s always an opportunity and I believe together we can do more for the IBFC and the beautiful island called Labuan. Let’s all of us pray to the AlMighty that the years ahead of us will be smooth yet exciting.

9. On that note, I wish to take this opportunity to thank all of you once again for your presence today and also to the design and coin production teams at Bank Negara Malaysia for their relentless effort to get the coin ready in time and the team at Labuan FSA for their sleepless nights in making this auspicious event a reality.

Thank you.

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