Labuan IBFC, TRX City To Advance ‘1 Ecosystem, 2 IFCs’ Vision

KUALA LUMPUR, Sept 18 (Bernama) -- Labuan IBFC Incorporated Sdn Bhd and TRX City Sdn Bhd will strengthen collaboration between the two international financial centres (IFCs) and advance the shared vision of “1 Ecosystem, 2 IFCs”.

The partnership will explore joint market development initiatives, knowledge-sharing and research, promotional activities and investment facilitation. 

Labuan IBFC chief executive officer (CEO) Ben Quah said the collaboration would provide opportunities for companies within both centres to cross-offer solutions while presenting Malaysia as a destination offering complementary financial ecosystems.

“Firstly, we’re looking at the companies within both places, the catchment, we’re going to cross-offer solutions, but then at the same time, as we go out to market Malaysia, you get a place that offers both.

“And this, I think, will be very attractive to potential new businesses, new investors,” he said after the memorandum of understanding signing ceremony between Labuan IBFC and TRX City, here today.

Quah said Labuan IBFC’s mid-shore solutions, particularly its five key offerings, could serve as an extension or “jumping board” for businesses seeking to expand regionally.

“And I think that’s where Labuan sits very nicely. We’ve got part of Malaysia, great structures, great framework, the Organisation for Economic Co-operation and Development (OECD) aligned.

“So you’re looking at something that is really ready to grow businesses to the next level,” he said.

Meanwhile, TRX City CEO Datuk Azmar Talib said businesses operating within Labuan’s governance ecosystem could also benefit from having a presence in Tun Razak Exchange (TRX), given Kuala Lumpur’s position as a key market base.

He believes this will strengthen the country’s business ecosystem, as financial services are an integral part of doing business.

“So our focus is to enhance the financial services industry and those services that support the financial services industry are encouraged to be located in TRX.

“It’s not limited to banks or insurance only, but there are a host of other things, like FinTech, digital services, corporate services, legal, accounting, or finance,” he added.

Labuan IBFC is currently home to approximately 5,000 operating companies. Its growing status as a premier international hub is reflected in the Global Financial Centres Index (GFCI), where its ranking climbed significantly from 55th to 44th out of 139 global financial centres this year.

 More than 120 firms now call TRX home, with the IFC serving as a gateway connecting businesses, capital and talent to opportunities across Malaysia, ASEAN and the wider region.

-- BERNAMA