Labuan FSA moves to liberalise relevant regulations


Director-general Danial Mah Abdullah(pic) said Labuan FSA would continue to review all current regulations and requirements which can be further rationalised.

LABUAN: The Labuan Financial Services Authority (Labuan FSA) says it has taken steps to liberalise relevant regulations, such as those relating to marketing offices and work permits, to meet the requirements under the new Labuan tax framework.

Director-general Danial Mah Abdullah said Labuan FSA would continue to review all current regulations and requirements which can be further rationalised.

“While there might have been early pessimism due to the impact of the changes, we are in fact encouraged that the business momentum for Labuan International Business Financial Centre (Labuan IBFC) for 2019 has remained positive.

“This was evidenced by the increased number of enquiries received from regional and global investors and the entry of new large institutions to Labuan IBFC, ” he said at an annual dinner last Saturday.

He said as the international business landscape becomes increasingly competitive, Labuan IBFC must distinguish itself from other international centres moving forward.“Unique and sufficiently differentiated product offerings with accommodative but stable regulations are what international investors are on the lookout for, ” he said, noting one growth potential Labuan IBFC is focusing on is financial technology (FinTech).

He said Labuan IBFC has seen an influx of digital business start-ups with 25 approvals given in 2019 alone including for the nation’s first digital bank and a new digital asset exchange.

“More are in the pipeline, with increasing interest in using Labuan entities to undertake these innovative businesses, and to cater for this new business demand, Labuan FSA has put in place key requirements and business guidance in the second half of 2018.

“We are now firming up a more holistic regulatory framework which will be released by year-end to better guide these digital businesses, which include digital banking, virtual currency trading, insuretech and tokenisation, ” he added. — Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Business News

CPO futures trading to remain range bound next week
Advisory panel unanimously recommends FDA authorize Johnson & Johnson COVID-19 vaccine
GameStop rally fizzles; shares still register 151% weekly gain
NYSE begins move to delist Chinese state oil producer CNOOC
Oil price drops on US$ strength and OPEC+ supply expectations
GLOBAL MARKETS-Globals stock slide on inflation fears
AMMB says it has enough capital to absorb 1MDB global settlement�
A five-year high for FGV Holdings
AMMB to pay RM2.83bil to the government
IHH to take proactive measures

Stories You'll Enjoy


Vouchers