LABUAN: The Labuan International Business and Financial Centre (IBFC) remains resilient while demonstrating respectable growth across sectors, despite facing unprecedented challenges due to the Covid-19 pandemic.
In this regard, Labuan Financial Services Authority (Labuan FSA) had played a vital role in ensuring that the industry embraces technological advancements, providing regulatory reliefs wherever required by the market, and introducing new business models to better align businesses to the new norms.
Notwithstanding the pandemic and the changes in the tax landscape, Labuan IBFC and its ecosystem remained as an attractive market for wholesale financial intermediation within the region, with more than 800 licensed financial institutions currently operating in the economic zone.
In a statement to Bernama in conjunction with the release of the Labuan IBFC Market Report 2020, the Labuan FSA said the encouraging growth was also evident in the performance of investment banking, reinsurance, fund management, digital financial services and leasing.
“Labuan FSA’s enhanced digital infrastructure – including the facility for online company incorporations, e-payment system, e-client onboarding and regulatory submissions – has enabled the industry to operate with minimal disruption in times of uncertainty, ” it said. — Bernama