Labuan: Labuan IBFC Incorporated Sdn Bhd and TRX City Sdn Bhd will strengthen collaboration between the two international financial centres (IFCs) and advance the shared vision of '1 Ecosystem, 2 IFCs'.
According to BERNAMA News Agency, the partnership will explore joint market development initiatives, knowledge-sharing and research, promotional activities, and investment facilitation. Labuan IBFC chief executive officer (CEO) Ben Quah stated that the collaboration would provide opportunities for companies within both centres to cross-offer solutions while presenting Malaysia as a destination offering complementary financial ecosystems.
Quah emphasized that the focus would be on utilizing the strengths of both centres to attract new businesses and investors to Malaysia. He noted that Labuan IBFC's mid-shore solutions, particularly its five key offerings, could serve as an extension or 'jumping board' for businesses seeking to expand regionally. He highlighted Labuan's alignment with the Organisation for Economic Co-operation and Development (OECD) as a significant advantage for fostering business growth.
Meanwhile, TRX City CEO Datuk Azmar Talib pointed out that businesses operating within Labuan's governance ecosystem could benefit from having a presence in Tun Razak Exchange (TRX), given Kuala Lumpur's position as a key market base. He stressed the importance of enhancing the financial services industry and encouraged related services such as FinTech, digital services, corporate services, legal, accounting, or finance to be located in TRX to strengthen the country's business ecosystem.
Currently, Labuan IBFC is home to approximately 5,000 operating companies, with its growing status as a premier international hub reflected in its significant climb in the Global Financial Centres Index (GFCI) rankings from 55th to 44th out of 139 global financial centres this year. More than 120 firms are now based in TRX, which serves as a gateway connecting businesses, capital, and talent to opportunities across Malaysia, ASEAN, and the wider region.