LABUAN, Sept 29 (Bernama) -- The Labuan International Business and Financial Centre (Labuan IBFC) has reached a defining chapter in its 35-year journey, standing as a resilient, innovative and globally recognised hub for financial services.
Labuan Financial Services Authority (Labuan FSA) director general Affendi Rashdi said the centre’s growth since its inception in 1990 reflects its ability to adapt to global and regional financial upheavals while maintaining its credibility and competitive edge.
“Today marks a defining chapter in the Labuan IBFC story. Since its inception in 1990, the centre has grown, evolved, and stood firm through 35 years of change.
“The journey hasn’t always been smooth, but Labuan IBFC has endured, adapted and emerged stronger than ever,” he said at the commemoration of the Labuan IBFC 35th anniversary today.
Affendi expressed appreciation to ministries, government agencies, peer regulators, industry players and market partners, both local and international, who have contributed to the centre’s success.
The anniversary also coincides with Malaysia’s chairmanship of ASEAN, a timing which Affendi said is more than symbolic as it reinforces Labuan IBFC’s strategic role in linking Malaysia’s economy with the region.
He noted Labuan IBFC’s pivotal role in ASEAN integration since hosting the ASEAN Infrastructure Fund in 2012 and its growing importance in the Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA).
As part of that expansion, Labuan IBFC recently introduced the BIMP-EAGA Digital Wallet Initiative, which will allow residents to hold, invest and transact with digital tokens, promoting financial literacy, digital savings and inclusion across ASEAN communities.
“Labuan IBFC continues to play a pivotal role in catalysing regional business growth, financial inclusion, and integration.
“These initiatives will advance ASEAN’s shared vision of deeper economic connectivity and prosperity,” Affendi said.
-- BERNAMA
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