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LABUAN: 2014 has been an exciting year for the duty-free island of Labuan in terms of economic growth and social development.
KUALA LUMPUR: Steady Asia-Pacific economic growth, together with regional connectivity, will see more companies registering with the Labuan International Business and Financial Centre (Labuan IBFC). The offshore financial centre expects an 8%-9% increase in companies registering for the financial year ending Dec 31, 2015.
LABUAN: The Labuan Financial Services Authority (Labuan FSA) has appointed Bank of China (M) Bhd (BOCM) as a yuan settlement bank, bringing efficient, seamless and cost-effective real-time settlement of yuan-denominated transactions to financial institutions and entities.
PETALING JAYA: The business sectors of the Labuan International Business and Financial Centre (Labuan IBFC) saw a rise in new businesses of 12.5% or 1,059 companies mainly from Japan, China and South Korea last year driven by robust business polices and the intermediate role of the centre.
PETALING JAYA: Citigroup Inc will surrender one of its Labuan banking licences as there is no requirement for the American banking group to maintain two licences in order to operate in the federal territory off the coast of Sabah.