KUALA LUMPUR, April 30 (Bernama) -- Labuan Financial Services Authority (Labuan FSA) is setting the tone for 2025 with commitments to regulatory reform, digital innovation, and inclusive economic growth, as outlined in today’s Labuan International Business and Financial Centre’s (Labuan IBFC) Market Report 2024.
Labuan FSA director-general Nik Mohamed Din Nik Musa said marking the mid-point of its Strategic Roadmap 2022–2026, Labuan IBFC’s growth momentum had a measurable impact on the Labuan economy, with a five per cent rise in employment bringing the workforce to 5,006.
“The success is attributed to economic substance requirements and strategic sectoral expansion,” he said at the unveiling of the report at the Conference Hall of Sasana Kijang here today.
Nik Mohamed Din said six new trust companies entered the market, fuelling a sectoral revenue boost to US$40.8 million (RM176.07 million), a 30 per cent increase, while bottomline profits soared by 86 per cent.
In tandem, Islamic digital finance continued to gain ground, with supportive tax exemptions for digital takaful operators introduced in October 2024.
Nik Mohamed Din emphasised the centre's development efforts are not solely financial.
“Beyond financial achievements, Labuan IBFC has been contributing and would continue to spur economic benefits to Labuan.
“The centre will continue to reinforce this synergy and support the island’s broader development agenda,” he said.
As part of the forward-looking charting for its 35th anniversary, Labuan FSA outlined five strategic priorities for the coming year, including driving market innovation and digitalisation, achieving a positive FATF mutual evaluation outcome, strengthening regulatory supervision via Sup-Tech, enhancing Labuan IBFC’s global visibility, and advancing automation to improve service delivery.
The authority reaffirmed its dedication to preserving market stability, embracing innovation, and upholding transparency, vital pillars to attract investors and build global confidence in Labuan as a competitive international financial jurisdiction.
-- BERNAMA
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