Labuan International Business and Financial Centre (Labuan IBFC), established in 1990 by the Malaysian government, has positioned itself as Malaysia's premier digital financial hub. Governed by Labuan Financial Services Authority (Labuan FSA) under Malaysia’s Ministry of Finance, it strategically operates in the Asia Pacific region.
Labuan IBFC offers a wide spectrum of financial services including banking, insurance, wealth management, businesses related to the capital markets, leasing, money broking and commodity trading. It caters to global investors with solutions available in conventional and digital formats. Since 2017, Labuan IBFC has prioritized digital financial services (DFS), which experienced a notable 22% growth in 2022, supported by 111 providers within its DFS community.
The DFS offerings in Labuan IBFC encompass digital banks, insurtech, digital tokens, asset issuance, digital currency trading platforms, and more. To ensure market stability amidst digital advancements, Labuan FSA has implemented the Digital Governance Framework to mitigate cyber risks and uphold regulatory standards, including robust AML/CFT regulations.
Looking forward, Labuan IBFC's Strategic Roadmap 2022-2026 aims to further develop as a digital financial hub, enhance the insurance sector, and revitalize niche market segments. With its resilient growth and comprehensive digital ecosystem, Labuan IBFC stands as Asia’s preferred digital financial gateway.
Ref :
Comments