Having gone through a period of rationalisation, the jurisdiction has stated that it now aims to be Asia’s "connected, convenient and cost-efficient offshore financial centre".

The launching of the IBFC comes after an earlier announcement that the Labuan Offshore Financial Services Authority (LOFSA) had embarked on a repositioning and rebranding exercise in early 2007, to benchmark and re-evaluate itself with other financial offshore centres around the world.

This rebranding exercise is a "significant step forward in an effort to ensure a defined and cohesive operational and business direction", according to LOFSA.

More importantly, the new branding aims to represent a commitment towards providing the best opportunities and services to its customers and potential investors.

The financial services authority continued: "This new identity of Labuan will not only give recognition to the achievements accomplished to date, but also generates awareness of the challenges that await Labuan as it aspires to play a much broader and larger role in the offshore financial industry for the economic growth of the region."

"For Labuan IBFC to take to the next level of its playing field, to attract the participation of new players, and to capture greater economic and business throughput that comes through the offshore financial gateway, Labuan IBFC needs to meet the demands and sophistication that industry expects."

"More than just a name change, Labuan IBFC needs to be further transformed. Several initiatives have been taken to improve Labuan IBFC’s attractiveness to the market."

And went on to reveal that:

"There will be a holistic review of the legislation framework of Labuan IBFC to ensure that it remains facilitative, flexible and frictionless regulatory framework for business to be conducted out of the IBFC."

"While Labuan IBFC will continue to offer the full spectrum of financial services and products, niche products including holding company structures, Islamic trust and captive insurance would be enhanced to cater to specialised needs of the market."

Labuan IBFC was established with the vision of becoming a premier business and financial centre in the region by ensuring the highest level of integrity, commitment and professionalism.

Today, Labuan has grown significantly and has become home to more than 300 financial institutions that provide a comprehensive range of financial services, both conventional and Islamic, including offshore banking, investment banking, insurance and insurance-related activities, investment holding, trust, fund management, leasing as well as a comprehensive capital market activities.