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Labuan IBFC: 30 Years of Intermediating Asia - Interview with Chairman, Association of Labuan Banks

2020 marks 30 years since Labuan’s birth as an international wholesale trade, finance, risk and asset intermediation centre.

In line with ‘Labuan IBFC: 30 Years of Intermediating Asia’, we are launching a series of four exclusive interviews.

This is the final interview of the series and is with the Chairman of Association of Labuan Banks (ALB). In 2019, the Labuan banking industry remained financially strong to support their businesses in the region. This is reflected by the 80.9% of the banks’ total financing being channeled to the region and the profitability of the industry growing by 26.9% to USD634.8 million. This interview shares how innovation in the banking sector has helped ‘softened’ the impact from the tax change introduced in 2019 and how the sector plans to leverage the digital platform as well as focus on talent development in providing banking services to the ever growing market demand.

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