Labuan International Business and Financial Centre, Labuan IBFC's financial services and intermediation community have come together to help local authorities in relief efforts via the pooling of resources.
Labuan IBFC's Cross-Industry Group comprising of all the industry associations representing licensed entities in the jurisdiction has led the formation of a pool fund, focused on providing relief to front liners and those in need of aid in Labuan.
"The Labuan IBFC Community is deeply concerned about the growing scale of the covid-19 pandemic and its social and economic impact, particularly on Labuan island. Specifically, this resource pool will fund towards the purchase and distribution of personal protective equipment for hospital staff, healthcare providers, and other frontline service personnel on the island," Labuan IBFC said in a statement.
The Cross-Industry Group consists of Labuan Financial Services Authority, Labuan International Insurance Association, Association of Labuan Banks, Association of Labuan Trust Companies, Labuan Investment Banking Group and the Labuan Fintech Association.
Relief, in the form of household necessities, will also be provided to those in the B40 income group and to daily wage earners who are impacted by the situation, as well as schools and small businesses.
"The above effort is testament of the commitment and empathy of the Labuan IBFC community towards the people of Labuan island, by providing whatever assistance it can to relieve hardships under the current situation," the statement added.
This resource pool will fund towards the purchase and distribution of personal protective equipment for hospital staff, healthcare providers, and other frontline service personnel"