Labuan International Business and Financial Centre (Labuan IBFC) has released its 2022-2026 Strategic Roadmap. The roadmap outlines five main areas that the company wishes to focus on.
The first of these is to cement Labuan IBFC’s position as a dynamic and sustainable international centre. The company will connect Asia’s markets to promote economic growth, as well as contributing to the Malaysian national economy. This initiative relies on Labuan IBFC being a stable and well-regulated market with comprehensive financial offerings including digital innovations.
The company also emphasises the importance that it places on ESG and Shariah-compliant digital solutions.
Secondly, the company will aim to unlock business opportunities from Asia’s current developments and growth potentials. This component of the roadmap follows on from Labuan IBFC’s activities over the past 10 years, and continues the company’s cross-continental connectivity goals.
The roadmap also contains updates from 2018’s three-year Transformation Plan. Following through on prior strategies, the company aims to strengthen market stability by building on the past three years’ experience.
Bank Negara Malaysia’s Financial Sector Blueprint 2022-2026, and Securities Commission Malaysia’s Capital Market Masterplan 3 were also released recently. Labuan IBFC aims to work alongside these other growth plans to advance Malaysia’s financial markets overall.
Labuan IBFC has experienced significant growth in the first half of 2022, with the total gross premium of its insurance industry recorded at US$993 million.
In his keynote speech at the 2022 Malaysian Finance Association International Conference, Nik Mohamed Din Bin Nik Musa, director general of Labuan FSA, says: “The roadmap articulates the priorities and new initiatives to be pursued over short and medium term, with the objectives to create a greater business sustainability and efficiency with defined niches, to achieve higher market relevancy, inclusiveness, and synergy between Labuan IBFC and the Labuan Island. The approach is two-pronged to reach the international market virtually, as well as physically face-to-face.”
