Press Release on Labuan FSA and International Financial Services Centres Authority Forged Strategic Partnership For Enhanced Cooperation and Mutual Assistance
Labuan FSA and International Financial Services Centres Authority Forged Strategic Partnership For Enhanced Cooperation and Mutual Assistance
Labuan, 20 August 2024 - Labuan Financial Services Authority (Labuan FSA) entered a Memorandum of Understanding (MoU) with the International Financial Services Centres Authority (IFSCA) today, to foster greater cooperation in regulation, supervision and enforcement as well as business development between the two authorities.

The exchange of MoU took place in New Delhi, India, to coincide with the official visit of the Prime Minister of Malaysia, Right Honourable Dato’ Seri Anwar Bin Ibrahim. The exchange of MoU was witnessed by both the Prime Ministers of Malaysia and India, marking a significant step forward in strengthening bilateral ties between the two countries.

The MoU sets out the framework for cross-border establishments, co-operation and sharing of information to mutually assist and promote integrity, efficiency and financial soundness in the Labuan International Business and Financial Centre (Labuan IBFC) and the International Financial Services Centres, India (IFSC). The scope of this collaboration also encompasses the development of financial services market, including training and technical assistance to facilitate the development of regulatory frameworks and financial products. This partnership aims towards building a greater financial cooperation and deliver greater economic benefits and business opportunities to both Malaysia and India.

“The MOU marks a significant milestone in international cooperation between Labuan FSA and IFSCA. It will pave the way for mutual assistance and enhance the supervision of cross-border operations of financial institutions overseen by both authorities. I am confident that this bilateral relationship will be crucial in promoting regional financial stability and sustainable growth”, said the Director General of Labuan FSA, Mr. Nik Mohamed Din Nik Musa.

Labuan Financial Services Authority
20 August 2024



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