Labuan IBFC COVID-19 Fund
Making a difference, when and where it counts the most: At home!
Labuan International Business and Financial Centre, Labuan IBFC’s financial services and intermediation community have come together to assist local authorities in relief efforts via the creation of a fund to combat the spread of COVID-19 in Labuan. 

Labuan IBFC’s Cross-Industry Group comprising all industry associations representing licensed entities within the jurisdiction has led the formation of a fund, focused on providing relief to both the front liners and those less fortunate.

Relief, in the form of household necessities, will also be provided to those in the B40 income group and to numerous daily wage earners impacted by the restricted movement order and small businesses.

The Associations are Labuan International Insurance Association, Association of Labuan Banks, Association of Labuan Trust Companies, Labuan Investment Banking Group and the Labuan Fintech Association.

Key aspects of the Labuan IBFC’s COVID-19 Relief Fund:
  • This fund accepts pledges of cash and items for the sole benefit of Labuan based residents and organisations in need only
  • This fund managed by an Operational Team consisting of Labuan FSA’s Senior Management and members of industry to facilitate coordination with the local authorities towards effective disbursement of aid
  • This Operational Team in turn works closely with Labuan Corporation (Labuan island’s economic development authority, an entity under the Ministry of Federal Territory, Malaysia) to ensure no duplication of resources and proper channelling of assistance via the existing channels
  • All the funds received are paid into a segregated account managed and in the name of Labuan FSA. This account serves as a dedicated COVID-19 account.
  • There is full disclosure and accountability of both pledges received and aid disbursed in order to ensure transparency

To contribute to the fund or to understand how you too can play your part, please email Farah Jaafar-Crossby (farah@libfc.com), Audrey (audrey@libfc.com), Wai Mon (waimon@libfc.com) or Serene (serene@libfc.com).

You can also contact us directly via Facebook, Twitter and LinkedIn for more information.

Together, we can flatten the curve in Labuan and assist those in need!

#LabuanCovidFund  #kitajagakita


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