Abu Dhabi Global Market Inks New Partnerships with Labuan
Abu Dhabi Global Market (ADGM), the International Financial Centre of Abu Dhabi, Labuan International Business and Financial Centre (Labuan IBFC) and Labuan Financial Services Authority (Labuan FSA) have entered into new partnerships.
” Abu Dhabi Global Market Inks New Partnerships with Labuan “
Together, they will foster greater collaboration on joint financial activities and regulatory practice that support the growth and development in both financial ecosystems in Labuan, Malaysia and Abu Dhabi.
Datuk Ahmad Hizzad Baharuddin, Director-General of Labuan FSA said: “The MoU signifies an important milestone in international cooperation between the two regulatory authorities. It will pave the way for mutual assistance and sharing of supervisory information between Labuan FSA and ADGM-FSRA to strengthen the supervision of cross-border operations of financial institutions under their purview. I believe the bilateral relationship will play a key role in fostering regional financial stability and sustainable growth”.
Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority of ADGM, said: “We are pleased to continue nurturing this strategic relationship with our Asian partners of the Labuan IBFC and Labuan FSA. As an International Financial Centre, ADGM aims to further bolster financial services activities, facilitate investment flows and encourage business innovation. This agreement paves the way for more joint efforts and initiatives and we look forward to working closely with the team to enhance Fintech developments, innovation and explore possible cross-border investment activities to better serve our markets and beyond. Together, we can work closely in advocating a well-regulated environment and promoting high regulatory standards and practice among our business communities in the UAE and Asia.”
Danial Mah Abdullah, Chief Executive Officer of Labuan IBFC Inc Sdn Bhd, said: “We are indeed looking forward to this exciting phase in partnership. This MoU evidences our intention of working even more closely with ADGM towards achieving our common goals, whilst ensuring closer cooperation in creating synergistic opportunities and greater market development between the two international business and financial centres.
Source: Official Press Release
About Labuan International Business and Financial Centre
Labuan International Business and Financial Centre (Labuan IBFC) presents a comprehensive midshore solution striking the ideal balance between client confidentiality and compliance with international best standards and practices. Its business-friendly environment, anchored by a simple and attractive tax system, is well-supported by a robust, modern and internationally-recognised legal framework enforced by its regulator, Labuan Financial Services Authority (Labuan FSA).
Labuan IBFC boasts a wide range of business and investment structures facilitating cross-border transactions, business dealings and wealth management needs. These unique qualities offer sound options for regional businesses going global or global businesses looking at penetrating Asia’s burgeoning markets. Strategically located in the heart of Asia Pacific, Labuan IBFC is well positioned to tap into one of the fastest growing regions in the world, presenting the perfect opportunity for businesses seeking to connect with Asia’s economies and beyond.
Official Website: www.labuanibfc.com
News & Media: Press Release
Updated on 8th August 2016
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