Labuan Financial Services Authority (Labuan FSA) has imposed business restriction on the following Labuan Licensed Entities pursuant to section 193 of the Labuan Financial Services and Securities Act 2010 for non-compliance to minimum capital and/or other regulatory requirements.

Kindly be informed that Labuan FSA has issued a Circular on Payment of Fees and Other Chargeable in United States Dollar (USD) Denomination on 1 November 2019. In this regard, all industry players are required to make payment of licence, registration, approval and processing fee in USD denomination with effect from 1 January 2020. In addition, all Labuan licensed entities are statutorily required to pay their annual licence fees in USD denomination, on or before 15 January 2020. We also wish to inform that all fees charged are based on the Regulations and shall be paid directly to the bank account of Labuan FSA. Industry players are advised to refer to the Circular on the fee charged by Labuan FSA to avoid unnecessary payment to irresponsible party(s). Please contact us should you require further clarification.

The Malaysian Digital Economy Corporation Sdn Bhd (“MDEC”) recently announced that Malaysia has the potential to become a digital hub for ASEAN as Malaysia is in a position to spread the growth of the digital economy throughout the region. Likewise, Ernst & Young’s ASEAN FinTech Census 2018 dubbed Malaysia as an “emerging fintech hub in Asia”. The country’s increasingly digitalised economy, which is tailored to boost start-up presence and draw in investors, together with support from Malaysian government and regulators, will also create a mature fintech ecosystem which will contribute to Malaysia’s potential to be the hub for digital economy of the ASEAN region.