Labuan IBFC’s makes progressive approach in embracing the digital finance

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Labuan International Business and Financial Centre’s (Labuan IBFC’s) continues to grow in recognition of the progressive approach the centre has taken in embracing the digital revolution by being as facilitative as possible to enable innovative digital business to take root in Labuan.

Labuan Financial Services Authority Director-General, Danial Mah Abdullah said, the centre has used legacy licenses like money broker, credit token licenses to provide the regulatory umbrella for the digital business to be carried out.

“Now that is innovation by itself. Thus, the centre has a ‘toolbox’ of solutions to meet the needs of the rapidly expanding digital industry, whether from the supply or demand side,” Mah said at the inaugural CoDE Asia 2019 conference in Kuala Lumpur, on Thursday.

Labuan IBFC’s digital journey began in 2017, with eight licenses up to 2018 and 2019 has seen an exponential growth in the number of players in the centre with more than 30 licenses approved to operate as digital entities.

“Our bespoke and curated approach is an ideal match to the demands of a fast-evolving digital marketplace,”  said Farah Jaafar-Crossby, CEO of Labuan IBFC Inc, the jurisdiction’s market development agency.

She added Labuan IBFC’s tax neutrality and currency agnosticism adds to the appeal as a digital hub, especially since the digital marketplace is inherently borderless in its application.

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