RL360°, the Isle of Man-based life company, has opened a branch office in Kuala Lumpur, as it looks to expand its presence in Asia.
The opening of the new office comes in the wake of the granting of a license by the Labuan Financial Services Authority, which will enable it to both sell products and administer policies, the company said in a statement on Monday.
Labuan is Malaysia’s financial services centre, and is an island located off the coast of the Malaysian state of Sabah, in East Malaysia.
The new RL360° office will initially be run by five staff and be headed up by RL360°’s James Savastano, who has relocated from Dubai to take up the role of Regional Sales Manager for Malaysia, RL360° said. It is looking to go live with its new, “Malaysia-focused” product range in the New Year.
RL360° chief executive David Kneeshaw said the company had “long-held aspirations” to open an office in Malaysia, but held off going ahead until now because “we wanted to ensure the framework was properly in place, in order that we could fully maximise on the region’s potential”.
Now that is is, he added, “we feel it’s a great opportunity for us, as well as for advisers and their clients in the region. We are looking forward to working closely together with them.”
Malaysia has the fourth largest economy in South East Asia, and is the third wealthiest country in the region by GDP per capita. It has a population of more than 30 million, which includes a very large expat community who work in a variety of developing industries such as the oil and gas, electronics and automotive sectors.