LABUAN International Business and Financial Centre (IBFC) continues to build its resilience to record strong performance for two consecutive decades. Director-general of Labuan Financial Services Authority, Datuk Azizan Abdul Rahman, said the IBFC has managed to attract 8,004 companies from more than 80 countries.
“Additionally, the gross premium written for the insurance business surpassed US$1 billion (RM3.04 billion) for the third consecutive year,” he said at a talk on “Economic and Financial Development in the Region: Opportunities and Challenges for Labuan IBFC” in Labuan yesterday.
Azizan said the Labuan IBFC is home to many financial services providers, covering 61 international banks, 167 insurance players, 171 leasing companies and 23 trust companies.
“There are an abundance of business opportunities for Labuan entities. The opportunities are further supported by an environment where the recently amended laws have allowed for the diversification and expansion of products and services offered by Labuan companies,” he said.
He said policy liberalisation, in relation to dealings with Malaysian companies and restriction on ownership of shares in Malaysian domestic companies, had also been introduced to encourage product innovation and enhance competitiveness.
He said the financial sector is expected to focus on new growth areas that would further catalyse the country’s transition to a higher value-added economy.
“Against this backdrop, I encourage the participants to give some thoughts on the views and insights presented, with the objective of improving your value proposition to the growth of Labuan IBFC and the local community,” he said. – Bernama