The Labuan Offshore Financial Services Authority (LOFSA) has received HSBC Bank Malaysia Berhad's 'Best Ideas Award' for a web-based system which expedites the incorporation process for offshore companies.
The accolade was awarded in conjunction with the launch of the 11th edition of HSBC’s Guide to Cash and Treasury Management in the Asia Pacific on 17 March. Danial Mah Abdullah, the Deputy Director-General of LOFSA received the award from Irene Dorner, the Deputy Chairman & CEO of HSBC Bank Malaysia Berhad.
In line with the positioning of Labuan as the leading integrated International Business & Financial Centre (IBFC), LOFSA has implemented the single electronic collection platform by using HSBCnet, an integrated cash management structure, linking the 21 trust companies in Labuan and providing for a ‘hub and spoke’ approach, allowing for better control and visibility to collections for LOFSA. The close collaboration has allowed integration from HSBCnet into 'myLOFSA,' allowing for reduction in the collection days from 8 days on average to 1 day.
MyLOFSA is a system for the registration or incorporation of offshore companies. It is a web-based system that facilitates the registration process through the use of digital forms, online submission and automated backend processing.
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