Labuan International Business and Financial Centre and China Construction Bank (CCB) Labuan, have signed an MoU to allow CCB to promote the benefits of Labuan IBFC to China and China-related companies.
The new partnership is in addition to supporting the advancement of fintech development in the jurisdiction.
Farah Jaafar-Crossby, CEO of Labuan IBFC, said at the launch of CCBL: "We are extremely pleased to be partnering with CCBL, part of the second largest bank in the world, providing a key enabler towards further strengthening our footprint in China and in countries which form the Belt and Road Initiative."
The event was graced by the Director General of Labuan Financial Services Authority Danial Mah Abdullah and Ji Zhihong, executive vice president of China Construction Bank.
"Over its 29 years as a midshore jurisdiction, Labuan International Business and Financial Center (LIBFC) has become well recognised by investors for its business-friendly environment that is conducive for growth," said Mr Ji Zhihong.CCBL is one of the 55 banks in Labuan IBFC, playing a vital role in Labuan IBFC's business ecosystem.
The bank also recently obtained approval from Labuan Financial Services Authority (Labuan FSA) to conduct digital banking activities, the first bank in Malaysia to be accorded this allowance.
"Labuan IBFC's readily available structures and solutions and progressive regulatory stance makes the midshore jurisdiction an Asian domicile of choice for digital and fintech players.
Over its 29 years as a midshore jurisdiction, Labuan International Business and Financial Center (LIBFC) has become well recognised by investors for its business-friendly environment that is conducive for growth”
"In fact, more than 25 digital and fintech related licensing approvals were given in 2019 including a new digital asset exchange," said Jaafar-Crossby.
"With CCBL as our partner, we look forward to making more inroads into China on the fintech/digital front as well."