Tag: Announcements

Labuan Financial Services Authority’s 2017 latest annual report makes for interesting reading and shows that a whopping 941 companies were incorporated in Labuan International Business and Financial Centre (Labuan IBFC) last year, bringing the total number of companies in the jurisdiction to 14,201. While the range of financial business undertaken in Labuan IBFC encompasses areas…

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In insurance, a managing general agent (MGA) is not a new concept, but it is relatively uncommon in Asia outside the developed markets of Hong Kong and Australia. Many of us may not have the full grasp of the concept while some think it does not rightly fit into the ‘distribution channel’. The MGA structure…

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KUALA LUMPUR (Oct 22): The Labuan Financial Services Authority (Labuan FSA) has announced the appointment of Datuk Oh Chong Peng as its chairman. His tenure, which started on Oct 16, will last till Feb 15, 2020. The appointment has been approved by the Minister of Finance, Labuan FSA said in a statement today. Oh (pictured),…

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All businesses have risks – but not all risks can be prepared for. In May 2017, a massive cyberattack known as WannaCry infected over 200,000 computers in 150 countries, affecting major telecommunications and energy providers, banks and government services. In the first four days of its release alone, the virus became responsible for over USD1…

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The Organisation for Economic Co-operation and Development (OECD) released the first Base Erosion and Profit Shifting (BEPS) discussion draft on the transfer pricing aspects of financial transactions and invited public input on the additional guidance concerning the application of Actions 8 -10 of the BEPS Action Plan. The plan addresses specific issues related to the…

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All the best business ideas and models could prove to be futile without the right location. Be it logistics, infrastructure, target market or governance, making the right location choice could determine if your business is primed for success or struggling to survive. It’s much the same for a captive insurance business. While captives, as a…

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The digital disruption wave is sweeping across all industries in ways previously never imagined. With relentless rise of new technologies such as artificial intelligence, machine learning and internet of things (IoT), it dictates the growth of businesses as well as its ability to give value to its customers or clients. Simply put, business as usual…

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The captive insurance industry in Asia is experiencing encouraging growth and it’s expected to continue its upward trajectory in years to come. This recent surge in trend may come as a surprise to many upon discovering that the concept of captives has actually been in place in Asia for more than two decades. On the…

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KUALA LUMPUR: The Labuan International Business and Financial Centre (Labuan IBFC) hopes to sustain the positive trend in take-up of captive insurance in the midshore centre this year, after registering the highest growth in the region last year. Labuan Financial Services Authority (Labuan FSA) director-general Danial Mah Abdullah said a total of six captives were…

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The Labuan International Business and Financial Centre ( Labuan IBFC) has revealed that it continued to serve the growing regional insurance sector in 2017, with gross written premiums (GWP) increasing by 2.2% to US$1.4 billion. Throughout the year, 14 insurance and insurance-related new set-ups launched in the region, although the overall number did decline from…

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