LABUAN: The Labuan International Business and Financial Centre’s (Labuan IBFC) Transformational Plan is designed to turn Labuan into a well-integrated regional economic hub to better serve the business, investment and intermediation needs of the region, including East the Malaysian and Asian markets.

The Transformational Plan is part of a chapter in the Labuan Development Blueprint that is scheduled to be launched by Prime Minister Datuk Seri Najib Tun Razak tomorrow.

Labuan Financial Services Authority (Labuan FSA) Director-General Danial Mah Abdullah said in an effort to make the plan a success, Labuan FSA would broaden Labuan IBFC’s business base.

“There will be greater focus on developing emerging niche segments of the financial sector that can be expanded to become key areas of growth for Labuan IBFC,” he said.

Mah said with improved and diversified range of products, solutions and services, these niche financial segments would evolve to be the future growth engines of the IBFC, thus further integrating the island’s economic agenda for better symbiotic relationship with Labuan IBFC.

“As the subset of the whole Labuan Development Blueprint 2030, the Labuan IBFC’s Transformational Plan reflects and facilitates the government’s commitment to elevate the economic stature of Labuan to become an integral growth component of the nation’s economy.

“It is our hope that the implementation of the blueprint will be well-executed as planned and meet the expected outcome or go beyond for the betterment of the people on the island,” he said.

The plan also focuses on the integration of the financial sector with the local economy, as well as that of the nation’s, he said, adding that, “We are very focused on this as it is our commitment in the plan.” – Bernama

Source: https://www.nst.com.my/business/2018/01/326070/labuan-ibfc-unveil-transformational-plan