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The Labuan Financial Services Authority (FSA) has announced that the Labuan International Business and Financial Centre (IBFC) achieved a major milestone by surpassing the 10,000 companies mark during the third quarter of this year.
As of August 31, 2103, a total of 10,003 companies had a presence in Labuan IBFC comprising 641 licensed entities and 9,362 normal Labuan companies, of which 4,660 are operating.
The licensed entities are granted licenses by Labuan FSA to conduct financial services in or from the Labuan IBFC, including banking, Islamic financial services, insurance and insurance related business, as well other financial businesses approved by Labuan FSA. In addition, Labuan trust companies are licensed to provide trust, secretarial and fiduciary services to support the conduct of international business in the Labuan IBFC.
More than 70 percent of the Labuan companies originated from the Asian region. This reflects Labuan IBFC's aim to foster regional financial integration in facilitating cross-border trade and investment in the regional emerging market. Nonetheless, the jurisdiction has also witnessed sustainable interest from investors in Europe and America, as well as the Middle Eastern region.
It was confirmed that Labuan FSA will continue to enhance its legislative framework to be on a par with international standards, as it positions Labuan IBFC "as a mid-shore jurisdiction with a robust regulatory framework and the flexibility and competitiveness of an international financial center."
The Authority will also continue to pursue greater cross-border supervision cooperation network with other regulators. Recently Labuan FSA has signed separate memoranda of understanding (MOUs) on cooperation and mutual assistance with three international home-host regulators to strengthen cross-border coordination in the supervision of financial institutions in the Labuan IBFC.
In addition, Labuan FSA has entered into an MOU with the Kuala Lumpur Regional Centre For Arbitration (KLRCA) to foster collaboration and co-operation towards offering investors in the Labuan IBFC the confidence in addressing disputes, and promoting a more efficient alternative resolution for commercial disputes settlement by arbitration in the Labuan IBFC.
The MOU will enable the parties to assist each other in such areas as a promotional and awareness program on the use of services in Labuan IBFC and under the KLRCA rules, as well as in research and development, training and staff development.
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