January 2018
Insight
Plus
Direct from Asia Pacific's Leading Midshore Business and Financial Centre.
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Captive Reflections

By Malcolm Cutts-Watson

The start of a new year is always a good time to reflect on the previous year and assess the opportunities and challenges that might arise in the forthcoming year. Following a year of severe natural disasters and highly publicised cyber breaches, it is understandable that organisations are reviewing their risk financing strategies and in particular the role their own captive (re)insurance company can play...
HIGHLIGHTS

Labuan Financial Services Authority has issued revised Guidelines for all leasing transactions through Labuan IBFC on 29 December 2017. All requirements of the Guidelines shall come into effect on 1 January 2018 while the substance requirements by the Labuan leasing companies shall come into effect on 1 January 2019 to provide sufficient transition period for compliance.

Dewan Negara passes five bills

Among the bills passed by Dewan Negara was the Labuan Business Activity Tax (Amendment) (No. 2) Bill 2017 and the Income Tax (Amendment) Bill 2017 to allow automatic exchange of tax information between the government and the Organisation for Economic Cooperation and Development (OECD). 

Labuan IBFC Inc announces new CEO

Labuan International Business and Financial Centre Incorporated Sdn Bhd (Labuan IBFC Inc), the official promotion and marketing agency for Labuan International Business and Financial Centre, Malaysia, has appointed Farah Jaafar-Crossby as its new Chief Executive Officer. 

CEO'S MESSAGE
Happy New Year! The team and I send our most sincere wish that 2018 will be kind to you and your loved ones. This might be just a short note but it’s a personal milestone for me, as it’s my first note as CEO of Labuan IBFC Inc.

And 2018 is already kicking off memorably in more ways than one! Labuan island’s real economy is expected to undergo a significant shift based on the Labuan Development Blueprint due to be launched by His Excellency the Prime Minister of Malaysia soon. This plan is very much hinged on Labuan IBFC as a key enabler and will articulate strategic initiatives towards enhancing Labuan's socio-economic growth. So do watch this space.

To kick start the year, we are also pleased to have Malcolm Cutts-Watson, a senior risk management specialist and a member of Labuan FSA’s International Advisory Panel, shares his thoughts and insights on the captive insurance industry 2017 and beyond.

Last but in no way least, I would like take this opportunity to thank Mr Danial Mah Abdullah for his leadership, vision and guidance during his tenure as CEO. The jurisdiction and the team benefitted greatly from his tenure, and I can only attempt to fill the large shoes he has left behind.

Farah Jaafar-Crossby
Chief Executive Officer, Labuan IBFC Inc 
events

Malaysia As An Intermediating Hub:
A Tax Neutral, Islamic Approach

2.00 PM - 5.00 PM
Bangkok, Thailand
reading list
A recent study by Capgemini provides an analysis of top 10 wealth management trends that companies need to know in order to become more agile and to stay competitive in the industry.

Recent survey on more than 2,100 small businesses in 14 countries confirms there is an unmet demand for digital insurance services and this indeed presents an opportunity for insurers to develop a clear strategy to cater the needs of this market segment.

China's ease of foreign shareholding limit in fund management companies

The Vice Finance Minister Zhu Guangyao recently announced that China will further open up its banking, insurance, securities, futures and fund industries to foreign investors.

Malaysia to launch world’s first digital framework for Islamic economy in 2018

Malaysia is creating a more comprehensive Islamic economy and will launch a debut “Islamic Digital Economy Framework” by March 2018 as a growth backbone for its entire halal industry.

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