The Labuan International Business and Financial Centre (Labuan IBFC) is looking to strengthen is marketing outreach and development initiatives in China via a new partnership with Tricor Group.
Tricor is one of the leading Trust Company Service Providers (TCSP) in Labuan IBFC. Like other service providers in the jurisdiction, it plays a significant role in Labuan IBFC's business ecosystem as it is obligatory to appoint a TCSP when setting up a Labuan-licensed entity.
The arrangement has been marked by a Memorandum of Understanding (MoU), which was signed by representatives from both parties.
This partnership will further strengthen our market footprint by offering Chinese based entities a viable substance enabling Asian based jurisdiction for all their international business needs"
"We are excited to further our cooperation with Tricor to expand Labuan IBFC's value proposition to the Greater China region. This partnership will further strengthen our market footprint by offering Chinese based entities a viable substance enabling Asian based jurisdiction for all their international business needs," said Farah Jaafar-Crossby, CEO of Labuan IBFC Inc.
"We have worked closely with Tricor over the years, increasing awareness in Asia of the wide range of structures and solutions for international business expansion, wealth management and digital finance offerings. However, Tricor's recent expansion into mainland China, with offices covering all regions, makes the timing of this cooperation even more significant," she added.
Lennard Yong, Group CEO of Tricor, also commented: "Following our acquisition of CP TRUST in Labuan in late 2018 in addition to our recent acquisition of Richful Deyong in Greater China last month, we have deepened our expertise and footprint in these high-growth markets."
"We are pleased to partner with Labuan IBFC as we seek to deliver a comprehensive suite of best-in-class business expansion solutions," he added. "In partnership with Labuan IBFC, I am confident that our talented teams will continue to deliver innovative solutions to accelerate the growth of our clients across Asia."
In line with Labuan IBFC's efforts to gain a bigger foothold in China, earlier this year its regulator, the Labuan Financial Services Authority, signed a MoU with the China Banking and Insurance Regulatory Commission to foster greater cooperation aimed at enhancing regulatory and supervisory oversight of cross border branches and subsidiaries of China and Labuan-based banks and insurance entities.
"As Malaysia's international business and financial centre for close to 30 years, Labuan IBFC is known as a special zone within Malaysia focused on facilitating cross-border trades, investments, financing and wealth management," Jaafar-Crossby said.
The Fintech Association of Malaysia (FAOM) is in discussion with the relevant financial authorities of the Labuan financial centre in facilitating businesses onshore Malaysia and abroad to utilise the uniqueness of Labuan's financial regulatory framework focusing on fintech startups, SMEs, growth and scaleable companies that seek to tap on foreign investments and funds.
The federal government has recently approved the implementation of Visa on Arrival (VOA) in Labuan and it is expected to be officially launched next month.