A New Game Plan For Labuan (Insight Plus – November 2017)

"It is not an option for us to remain where we are. We must embrace the new reality, change course and design a new strategy for our industry. Or else we will perish. We are in this as a community."

Articulated by the Chairman of Labuan Financial Services Authority (Labuan FSA) Tan Sri Muhammad Ibrahim, during his speech at the Labuan Industry Annual Dinner 2017 recently, when he urged the industry players and regulators to play a more contributing role in the economic development of Labuan island.

Although Labuan is a known destination for financial services in the region, the spillover effect on the local community can certainly be enhanced, whilst ensuring that the standards of regulatory, supervisory and transparency requirements of a leading international business and financial centre is met. In fact, this applies even more pertinently to Labuan IBFC as it is a well-regarded midshore centre with a strong proposition as a substance-enabling jurisdiction,