Labuan International Business and Financial Centre (IBFC) and Tricor Group (Tricor) have signed a memorandum of understanding to strengthen development initiatives in China.
The deal will allow activities such as training and knowledge sharing sessions, exchanges on market information and other mutually beneficial initiatives into the Chinese market.
Farah Jaafar-Crossby, CEO of Labuan IBFC, said: “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.”
Jaafar-Crossby added: “It is a unique jurisdiction that provides fiscal neutrality and certainty in a currency-neutral operating environment, with a wide variety of business and wealth management structures, which we hope to attract more China-based users with.”
Lennard Yong, group CEO of Tricor, 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.”
Currently, Labuan IBFC is home to close to 200 companies, of which 35 are licensed entities, are directly originating from China.
Earlier this year, Labuan IBFC’s regulator, the Labuan Financial Services Authority, signed an agreement with the China Banking and Insurance Regulatory Commission.
The aim was to enhance regulatory and subsidiaries of China and Labuan-based banks and insurance entities.
