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August 2019
Insight
Plus
Direct from Asia Pacific's Leading Midshore Business and Financial Centre.
Read on for key takeaways from the recent joint conference held by Labuan IBFC and Swiss Re Corporate Solutions on why captive insurance is becoming a crucial risk management tool​

When it comes to risk management, the adage “Failing to plan is planning to fail”, rings truer than most. Risk management is vital in any business, and when a more cost-efficient and customisable alternative to outright insurance purchase is sought, captive insurance ticks...


Captives remain a vital business segment in Labuan International Business and Financial Centre (Labuan IBFC) with four new captives being approved between January and June 2019, totalling 51 captives registered in the jurisdiction as of June 2019.


RoboMarkets Asia Ltd has received the license that allows providing services on Forex and CFD markets from the Labuan FSA and opened a regional headquarters in Labuan.


Labuan is set to be the next city after Cyberjaya and Putrajaya to receive the all-new fifth generation (5G) technology facilities this year, says Labuan Corp chairman Datuk Seri Amir Hussein.


Dear All

Partnerships and growth continue to feature this month – especially with the successful conclusion of our joint conference with Swiss Re Corporate Solutions. The great turn-out, indicating the increasing interest in captives as a risk management tool, correlates with the upwards trajectory Labuan’s captive insurance business has shown this year.

The jurisdiction has garnered a 12.8% increase to US$288 million in gross written premiums as of June 2019, compared with US$255 million in the same period last year. In fact, Labuan IBFC already has four captive formations by mid-year, which should put us well on track especially when one considers we licensed a total of six for the full year in 2018.

Setting captives aside, we are excited to be back in Singapore for GTR Asia 2019, the largest international gathering for the trade, commodity and treasury community, from 3-4 September. As a full-service jurisdiction, banking lines are key to our attractiveness as an IFC, be it for standard account opening to structured trade financing and loan bookings. Home to more than 50 banks already, we strive to not rest on our laurels, so watch this space for the latest developments in Labuan IBFC’s banking parameters.

I do hope you enjoyed this edition; do email ceo@libfc.com if you have suggestions or would just like to touch base.


Farah Jaafar-Crossby
Chief Executive Officer, Labuan IBFC Inc


9.00 AM - 5.00 PM
Singapore

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The number of family offices around the globe has risen rapidly after years of wealth accumulation in the wake of aggressive monetary easing by global central banks. There are now 7,300 offices, an increase of 38 per cent in the last two years, according to Campden Research.

The World Economic Forum’s Global Risks Report 2019 ranks rising geopolitical and geo-economic tensions as the most urgent risk this year.​

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