Labuan, 11 January 2018 - The first engagement session with the industry players of Labuan International Business and Financial Centre (Labuan IBFC) was held yesterday aimed at updating market intermediaries on the strategic direction of the Centre in 2018.

Envisioned to position Labuan IBFC in Asia Pacific as a well-regulated transparent, substance enabling jurisdiction, offering diversified products and solutions, this engagement session served as a platform to communicate the aspirations of the Centre and Labuan Island in embarking on a new phase of its development via a transformation plan.

Present at the engagement session was the Director-General of Labuan Financial Services Authority, Encik Danial Mah Abdullah. He stated that “to ensure Labuan IBFC’s continuous expansion, it is imperative the Centre is transformed in tandem with developments in international business intermediation and the rigours of global standards of transparency, supervision, and regulatory robustness, while also contributing to the economic growth of the island.”

He went on to encourage the industry players to amplify their contributions in developing and promoting the Centre further, while contributing to the socioeconomic fabric of the local community by playing more active roles.

During the session, Puan Farah Jaafar-Crossby, Chief Executive Officer of Labuan IBFC Inc., and her team shared their strategies, developed towards promoting Labuan IBFC’s solutions for the Asian market during this transition period. The key target demographic identified includes Asian countries like Singapore, Hong Kong, Gulf Cooperation Council Countries, Taiwan, ASEAN countries and Japan, focussing on expanding Labuan IBFC’s intermediary base, highlighting solutions in wealth management, capital market, risk management, Islamic financial services, asset leasing and international business intermediation.

More than 60 top industry players of Labuan IBFC attended this engagement session.