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Wealth Management Challenges and Solutions Explored at Labuan IBFC’s Singapore Roadshow
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Midshore international business and financial centre marks silver jubilee with ASEAN roadshow

Singapore, 7 October 2015 – Labuan International Business and Financial Centre (Labuan IBFC), Asia Pacific’s midshore international business and financial centre, held the Singapore chapter of its ASEAN roadshow today to mark Labuan IBFC’s 25th anniversary serving the needs of businesses and individuals in the region.
  
The event in Singapore, which included a panel session “Succession, Legacy and Preservation: Challenges and Opportunities”, was aimed at wealth management industry experts looking to better understand the solutions offered by Labuan IBFC for high net worth individuals (HNWIs) in ASEAN.

The panel focused on wealth management challenges in light of stricter global regulatory requirements in banking and financial intermediation, evolving wealth management needs of HNWIs across the region, changing first to third generation mind-sets and experiences as well as cultural differences in ASEAN.

While wealth management is a core offering of Labuan IBFC, the business and financial centre also carries out all aspects of business and financial activity ranging from banking and insurance to Islamic financial services.

In 2014, Labuan IBFC reported strong performance across all financial sectors, including banking, insurance, leasing, wealth management and Islamic finance, with 12.3% increase in new company registrations compared to the previous year. In fact, 70% of companies registered in Labuan IBFC originate from Asia, with 57% from Southeast Asia, mainly Indonesia, Malaysia, Singapore and Thailand.

In the wealth management sector, Labuan IBFC foundations are increasingly used as wealth preservation solutions. There was an almost 40% increase in the number of Labuan IBFC foundations established in 2014 compared to the previous year, with 73% of them originating from Asia.

“As ASEAN grows in economic might, the increase in wealth in the region is outpacing the rest of the world. Companies and private investors looking to expand in ASEAN are in search of effective and legitimate ways of capitalizing on this growth, keeping in mind the importance of adhering to international standards and best practices. Labuan IBFC has been fulfilling these needs, with its proximity to strategic Asian markets, sound regulatory oversight and simple and efficient tax framework,” said Danial Mah Abdullah, Chief Executive Officer at Labuan IBFC.

The half-day event in Singapore, attended by senior representatives from the wealth management, legal, accounting and fiduciary industries, also included a presentation by Chew Seng Kok, Managing Director at ZICO Holdings. He spoke about the company’s journey to become a full service legal firm, headquartered in Singapore, with a presence in all 10 ASEAN countries.

Said Mr Chew: “Labuan’s strategic location coupled with the wide range of business and wealth management structures have facilitated cross-border transactions for regional and global businesses looking at penetrating Asia’s burgeoning markets. ZICO Holdings has evolved from simple beginnings by leveraging the benefits offered by Labuan IBFC to become a provider of multidisciplinary professional services to many large private and public corporations in the ASEAN region. We are now listed on the Singapore Stock Exchange through a Labuan holding company and are extensively involved in offering Labuan-based solutions to the region through our services.”

The Labuan IBFC ASEAN Roadshow 2015 kicked off in Kuala Lumpur on 27 May, followed by Manila on 2 June, Jakarta on 4 August, Bangkok on 1 September and in Singapore today. Hong Kong will be the next stop for the roadshow, with the event to be held on 20 October. The roadshow has so far attracted more than 300 delegates as well as 26 speakers and panellists ranging from regulators to industry practitioners.

For more information, please refer to http://www.labuanibfc.com/events.html.

MEDIA CONTACTS:
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

ABOUT LABUAN IBFC
 
ASIA PACIFIC’S MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
 
Labuan International Business and Financial Centre (Labuan IBFC) offers global investors the benefits of a leading international financial centre with access to Malaysia’s network of over 70 double taxation treaties. As a leading midshore jurisdiction, investors enjoy the benefits of Labuan’s efficient fiscal framework and market-friendly business environment, supported by professional service providers specialising in all aspects of insurance, takaful, international tax, trust and law.
 
Located off the North West coast of Borneo, Labuan IBFC is a leading jurisdiction for conventional and Islamic financial services.
 
Please visit:www.labuanibfc.com
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