Accolade highlights sustained interest in domicile as a regional business hub
KUALA LUMPUR, Malaysia, Nov. 19, 2024 /PRNewswire/ -- Labuan International Business and Financial Centre (Labuan IBFC) has won the Leading International Financial Centre (Asia Pacific) 2024 award. The accolade, part of a distinguished series of awards that recognises outstanding performance across industries, was awarded by Global Brands Magazine, a UK-based publication that offers expert opinions and news on the world's leading brands.
Labuan IBFC wins the Leading International Financial Centre – Asia Pacific award
Established by the Malaysian government in 1990, Labuan IBFC is Malaysia's international business and financial centre. The jurisdiction is well-regulated and supervised, adhering to international standards and best practices. It also provides fiscal neutrality and certainty in a currency-neutral operating environment.
Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc. Sdn Bhd commented, "This award is a testament to Labuan IBFC's prominence as a leading regional business hub. As at end-2023, Labuan IBFC is home to more than 4000 operating companies, with more than 60% of companies originating from the Asia Pacific region – namely from Singapore, Indonesia, India and Pakistan."
"Labuan IBFC has effectively aligned itself with Malaysia's Ekonomi Madani agenda, positioning the jurisdiction as a globally competitive investment hub with a strong regional focus. Through digitalisation and strategic improvements, the jurisdiction caters to businesses of all sizes and stages of maturity, providing an inclusive environment that fosters growth and innovation. This approach has enabled the jurisdiction to offer attractive opportunities for international investors while supporting Malaysia's broader vision of sustainable and inclusive economic development."
New incorporations in the Asia Pacific region saw a 15% increase over the past year. This growth can largely be attributed to various governmental policies designed to accelerate post-pandemic economic recovery. These policies are not only aimed at stimulating domestic economies but also to cultivate greater cross-border cooperation, which helps strengthen supply chains. The result was more resilient operations, reduced disruptions, and smoother international trade, all of which contributed to a more favourable environment for business formation and expansion.
Key achievements for 2024 include the launch of the Labuan IBFC China Desk platform, designed to promote bilateral trade and business development between Malaysia and China. In addition, Labuan IBFC signed a Memorandum of Understanding with the Council of Rectors of Indonesian State Universities, aimed at facilitating internships for Indonesian students within Labuan IBFC. This initiative has enhanced the jurisdiction's talent pool while also offering fresh perspectives and promoting closer ties between both countries.
Labuan IBFC also made significant strides in expanding its international presence and facilitating greater collaboration across key markets. The partnership with Qatar Financial Centre on the joint publication Mutual Cooperation Towards Global Connectivity underscores a shared commitment to strengthening Islamic finance capabilities and augmenting global connectivity between the two regions.
Moreover, the seventh iteration of the Asian Captive Conference held in Kuala Lumpur not only attracted over 200 delegates but also provided a platform for high-level discussions among regulators and industry leaders from Cambodia, Hong Kong, and India. This event reinforced Labuan IBFC's role as a central hub for captive insurance in the Asia-Pacific region and further cemented its position as a key player in the global insurance landscape.
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