The Labuan International Business and Financial Centre (Labuan IBFC) is looking to strengthen is marketing outreach and development initiatives in China via a new partnership with Tricor Group.
Tricor, which is one of the leading Trust Company Service Providers (TCSP) in Labuan IBFC, will help the Centre to explore opportunities in Greater China through training and knowledge sharing sessions, exchanging market information, and other mutually beneficial initiatives.
The arrangement has been marked by a Memorandum of Understanding (MoU), which was signed by representatives from both parties.
“We are excited to further our cooperation with Tricor to expand Labuan IBFC’s value proposition to the Greater China region,” said Farah Jaafar-Crossby, CEO of Labuan IBFC Inc. “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.”
“We have worked closely with Tricor over the years, increasing awareness in Asia of the wide range of structures and solutions for international business expansion, wealth management and digital finance offerings,” Jaafar-Crossby continued. “However, Tricor’s recent expansion into mainland China, with offices covering all regions, makes the timing of this cooperation even more significant.”
Lennard Yong, Group CEO of Tricor, also 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.”
“We are pleased to partner with Labuan IBFC as we seek to deliver a comprehensive suite of best-in-class business expansion solutions,” he added. “In partnership with Labuan IBFC, I am confident that our talented teams will continue to deliver innovative solutions to accelerate the growth of our clients across Asia.”
Earlier this year, the Labuan Financial Services Authority signed an MoU with the China Banking and Insurance Regulatory Commission to promote better cooperation between the jurisdictions and enhance the regulatory oversight of cross border branches of re/insurers based in Labuan and China.
“As Malaysia’s international business and financial center for close to 30 years, Labuan IBFC is known as a special zone within Malaysia focused on facilitating cross-border trades, investments, financing and wealth management,” Jaafar-Crossby explained.
“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,” she said.
“Of course, the advantage of our location in the center of Asia, in addition to the cultural affinity and shared language base cannot be underestimated.”
Labuan IBFC is currently home to almost 200 companies directly originating from China.
