LABUAN IBFC UNVEILS SIX KEY INITIATIVES TO SUSTAIN GROWTH MOMENTUM IN 2024

KUALA LUMPUR, April 26 (Bernama) -- Asia’s international financial hub Labuan International Business and Financial Centre (Labuan IBFC) has outlined six strategic initiatives aimed at steering its growth trajectory and solidifying its position as a global financial powerhouse in 2024.

Labuan Financial Services Authority (Labuan FSA) director-general Nik Mohamed Din Nik Musa said these initiatives were pivotal in charting the course for Labuan IBFC as it entered the third year of its Five-year Strategic Roadmap (2022-2026).

“At the core of our strategy lies the vision to establish Labuan IBFC as a beacon of international finance, with a distinctive focus on Islamic finance, captives, family offices, and digital enterprises, all contributing significantly to both the nation and Labuan,” he said during the unveiling of the Labuan IBFC Market Report 2023 here today.

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He said the first initiative underscored Labuan IBFC's commitment to sustainability and its role as a global financial centre, particularly in specialised sectors such as Islamic finance and digital business.

Nik Mohamed Din highlighted that the second initiative involved meticulous preparations for the Financial Action Task Force (FATF) Fifth Round Mutual Evaluation slated for 2024/25, underscoring Labuan IBFC's unwavering dedication to regulatory compliance and integrity.

He said in a bid to fortify its regulatory framework, Labuan IBFC aimed to enhance prudential regulations for Islamic financial institutions and digital financial services, aligning them with international standards and implementing a robust supervisory plan.

“Additionally, stringent cybersecurity measures and enhancements to the Cor@l system (company registry) form the crux of the fourth initiative, aimed at bolstering the security and integrity of Labuan IBFC's operational infrastructure,” he said.

Nik Mohamed Din also stressed the importance of nurturing a thriving human capital ecosystem within Labuan IBFC, emphasising the cultivation of a high-performance culture, talent retention, and operational efficiency as key drivers of sustainable growth.

“Lastly, Labuan IBFC is poised to introduce sustainability measures to the industry, including the issuance of a sustainability taxonomy and policy review to ensure environmental and social considerations are integrated into its operations,” he said.

Despite the global economic landscape facing uncertainties and geopolitical risks, Nik Mohamed Din remained optimistic about Labuan IBFC's prospects, citing the potential for collaboration with domestic agencies to spur innovation and capitalise on Labuan IBFC's unique strengths.

Moreover, he said, Labuan IBFC was set to emerge as Asia's hub for Islamic finance in blockchain applications, further enhancing its position as a leader in the digital finance realm.

-- BERNAMA