Welcoming Remarks by Dato' Mohammed Azlan Bin Hashim during Noblehouse International Trust Ltd 25th Anniversary Dinner
NOBLEHOUSE INTERNATIONAL TRUST LTD
25TH ANNIVERSARY DINNER
SPEECH BY
DATO’ MOHAMMED AZLAN BIN HASHIM
AUTHORITY MEMBER, LABUAN FSA
CHAIRMAN, LABUAN IBFC INC. SDN BHD
26th February 2016
Dorsett Grand, Labuan
Yang Berhormat Datuk Haji Rozman bin Datuk Haji Isli,
Member of Parliament, Wilayah Persekutuan Labuan
Member of Parliament, Wilayah Persekutuan Labuan
Yang Berusaha Datuk Ahmad Hizzad Baharuddin
Director-General, Labuan FSA
Yang Berusaha Datuk Chin Chee Kee
Executive Chairman, Noblehouse International Trust Ltd
Staff of Noblehouse International Trust
Ladies and Gentlemen.
- It is my pleasure to be here this evening on this special occasion of the 25th Anniversary of Noblehouse International Trust Ltd (Noblehouse). First of all, I would like to thank Noblehouse for inviting me to this auspicious event. Indeed, tonight’s anniversary dinner is a tribute to Datuk Chin Chee Kee and his team’s long-term commitment and dedication to Labuan IBFC. Your passion and perseverance over the years have indeed been worthwhile and have borne fruits of success for Noblehouse particularly and Labuan IBFC generally. Congratulations on the excellent achievements!
- As I stand here tonight, it reminds me of my visit to Labuan in October last year, to attend the Labuan IBFC’s silver jubilee celebrations. I remember the grandeur of the dinner, overwhelming with the presence of so many industry players. Tonight, I am pleased to see once again, the presence of so many of you, both senior staff and the younger generation of service providers to take Labuan IBFC industry to the next level of excellence.
- I have a personal attachment to Labuan. As an Authority member of Labuan FSA and its predecessor LOFSA, for some 18 years [since 15 February, 1998] and now also as Chairman of the Labuan IBFC Inc (the centre’s marketing arm), I am proud to see so many institutions and organisations in Labuan IBFC having progressed and expanded over the years in tandem with the growth of the region.
Ladies and Gentlemen,
- I am informed that Noblehouse is one of the first Labuan trust companies to establish presence in the Labuan IBFC in 1991, a year after Labuan was declared an international offshore financial centre. The company was then known as J Ambrose & Partners Trust Sdn Bhd with only two persons, that is Datuk Chin himself and his partner, Datuk Joseph Ambrose Lee to run the company. Over the years, the company has grown and expanded its business leading to it being rebranded as Noblehouse International Trust in year 2000.
- Noblehouse is now one of the larger trust company out of the 43 licensed in Labuan IBFC, with over 300 [total 346] Labuan entities under its management. My heartiest congratulations to Datuk Chin Chee Kee for having provided the leadership, drive and inspiration to take Noblehouse to what it is now. [Applause]
- Being an experienced pioneer in the Labuan IBFC industry, Datuk Chin has served as the Chairman of the Association of the Labuan Trust Companies (ALTC) for many terms. This is a testimony of the trust and confidence the industry has in him as a leader. The ALTC, as you are aware, is an important association for the Labuan trust companies to facilitate consultative discussion with Labuan FSA to develop the Labuan IBFC. I trust the ALTC members have benefitted from Datuk Chin’s chairmanship.
Ladies and Gentlemen,
- Significant changes have taken place in the financial and business landscape over the last 25 years. The current global situation has brought new challenges but also new opportunities and avenues for the Labuan trust company industry to diversify their business offerings and income streams, particularly as Labuan IBFC seeks to be the jurisdiction of choice for connecting businesses, in the Asia Pacific region.
- Indeed, as a result of the regional economic expansion in the past two decades, Labuan IBFC sustained its growth momentum across key business sectors, in banking, insurance, leasing, wealth management and commodity trading. In 2015, despite a challenging year, the number of Labuan companies continued to increase. The number of companies registered in Labuan is now over 12,000 [close to 12,500]. [The trust company sector continued to perform well, with an increase in profit-before tax of about USD8 million].
Ladies and Gentlemen,
- The economic outlook for 2016 remains challenging and uncertain with expected slower pace of growth in the economies of the region in an environment of low oil and commodity prices. Notwithstanding these challenges, I am confident Labuan IBFC will continue to persevere as before, building on its strengths and value propositions for the centre to sustain growth. On the part of the trust companies of Labuan IBFC, playing the role as critical intermediaries for the jurisdiction, the industry must always keep abreast of the latest market developments, continue to build talent and enhance capacities and capabilities in order to reap the benefits of the market, when it turns for the better. We must not only continue to strengthen our presence in our existing markets, but also broaden our reach to new markets. And it goes without saying, we must always strive for service excellence!
- The success of Labuan IBFC needs the close cooperation and collective effort of all stakeholders of the centre. As a member of the Authority, I am pleased to see the close rapport and collaboration between the trust company industry and Labuan FSA in bringing more participants, and business, to Labuan IBFC. Your success is our success!
- Indeed, each player has an important role to play in the development of Labuan IBFC and we are grateful to Noblehouse for having contributed so much, over the years, to the growth in the number of Labuan companies. I would also like to thank Noblehouse for supporting the marketing of the centre through its strategic partnership with Labuan IBFC Inc.
Ladies and Gentlemen,
- In closing, I would like to once again congratulate Noblehouse International Trust in celebrating its silver jubilee and 25 years of achievements. I wish the company all the success in the many years ahead as a trusted quality service provider. On that note, I wish you all an enjoyable evening.
Thank you.
