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Abu Dhabi Global Market inks new partnerships with Labuan International Business and Financial Centre & Labuan Financial Services Authority fostering a mutually beneficial relationship, spurring innovation
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Abu Dhabi/Kuala Lumpur, 27 July 2017 – 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 new partnerships to 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.

Two agreements were signed between the Labuan IBFC Inc Sdn Bhd and ADGM, and the Labuan FSA and the Financial Services Regulatory Authority (FSRA) of ADGM. Labuan IBFC Inc Sdn Bhd is the organisation entrusted with market development for Labuan IBFC, the jurisdiction and is a wholly-owned subsidiary of Labuan FSA, the statutory regulator entrusted to manage the international business and financial centre.

The MOUs established a strategic platform for Labuan FSA and the FSRA to better understand and share pertinent information on banking, financial services, securities legislation and regulations in each market.

As part of their agreement, ADGM and Labuan IBFC will explore mutually beneficial projects to facilitate long term opportunities in infrastructure financing, new innovations in areas of Fintech and green finance. The FSRA and Labuan FSA will focus on regulatory cooperation for the supervision of financial institutions, as well as, the joint collaboration and exchange of information as well as support cross border activities in the Abu Dhabi and Malaysian financial sectors. The Authorities are also prepared to develop relevant activities and events that foster financial innovation and closer regulatory cooperation in both jurisdictions.

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.”

ADGM will continue to cultivate meaningful cooperation and partnerships with authorities and stakeholders both locally and globally as part of its role as a global citizen in the world’s economy.

In addition, 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.

“Labuan IBFC is a business-friendly and yet well-regulated centre, offering substance-enabling solutions to Asia, an economically growing region. We strongly believe that there are immense opportunities for corporation and businesses from the Gulf and Asia to be intermediated in the two centres. Hence, this MOU comes at an opportune time and augurs well with our commitment to enhance global and regional interlinkages.”
MEDIA CONTACTS:
LABUAN FSA
Yon Zahimah Ibrahim
yon@labuanfsa.gov.my
Tel: +6087 591200

LABUAN IBFC INC

Farah Jaafar Crossby
pressteam@libfc.com
Tel: +603 2773 8977 
Mobile: +6012-326 1216
Audrey Liew
audrey@libfc.com
Tel: +603 2773 8975 
Mobile: +6012-913 8979
Geraldine Lim
geraldine@libfc.com
Tel: +603 2773 8991 
Mobile: +6012-253 8666

ABU DHABI GLOBAL MARKET

Joan Lew
joan.lew@adgm.com
Tel: +971 2 333 8858 


ABOUT LABUAN IBFC
 
ASIA PACIFIC’S MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
 
Labuan International Business and Financial Centre (Labuan IBFC) offers global investors and businesses the benefits of being in a well-regulated midshore international business and financial centre, which provides fiscal neutrality and certainty, in addition to being an ideal location for substance creation.
 
Located off the North West coast of Borneo, Labuan IBFC provides access to Malaysia's network of more than 80 double taxation agreements and boasts Asia’s widest range of business and investment structures for cross-border transactions, international business dealings and wealth management needs.
 
Well-supported by a robust, internationally recognised yet business-friendly legal framework, Labuan IBFC operates within clear and comprehensive legal provisions and industry guidelines, enforced by its single regulator, Labuan Financial Services Authority.
 
With a focus on enabling cross-border transactions, providing risk management structures, Islamic financial services, commodities trading incentives and wealth management vehicles, we offer solutions to regional businesses going global or global businesses looking at penetrating Asia’s burgeoning markets.
 
Labuan IBFC also serves as a hub for Islamic finance, especially in the areas of Sukuk issuance and listing, takaful and re-takaful, Shariah-compliant captive structures and Islamic trusts and foundations.


Website: www.labuanibfc.com
Twitter: @LabuanIBFC
Linkedin: Labuan IBFC

ABOUT LABUAN FINANCIAL SERVICES AUTHORITY
 
Labuan Financial Services Authority (Labuan FSA) is the regulatory authority responsible for the development and administration of the Labuan International Business and Financial Centre (Labuan IBFC). Labuan FSA’s key role is to license, regulate and supervise the licensed entities operating within Labuan IBFC, to ensure all such entities remain in compliance with the internal and international best standards.

As the financial regulator, Labuan FSA fosters a sound financial services sector through its prudential oversight of all financial institutions in Labuan IBFC which include banks, insurers, capital market intermediaries and financial advisors. Labuan FSA also develops policies for the orderly conduct of business and financial services in Labuan IBFC. It works with the industry to promote Labuan IBFC as a dynamic international business and financial centre and facilitates the capability development of and upgrading of skills in the Labuan financial industry.

ABOUT ABU DHABI GLOBAL MARKET
 
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015.

In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.

ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.

Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.

Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket, @FinTechAD, #FinTechAD, and Linked : ADGM


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