The Labuan International Business and Financial Centre (IBFC) is to focus on developing niche sectors such as captive insurance in 2017 as part of its strategic plan to develop the jurisdiction.
Labuan IBFC suggested that the increasing interest among Asian corporates to establish captives as a risk management strategy also presents immense opportunities in offering risk solutions that complement onshore activities.
A total of 39 captives were established in Labuan as at October 2016.
Labuan IBFC will also focus on sectors including leasing, commodity trading and wealth management.
Danial Mah Abdullah, CEO of Labuan IBFC, said: “We believe the changes in the way cross-border investment and trade are conducted due to demands for greater transparency is a business enabler for Labuan IBFC.”
“We will be focusing on developing the niches with high growth potential and these sectors have been showing a positive upward trend in driving the mid-shore centre development in the recent years.”
