Labuan FSA, Cambodia explore joint initiatives
Published on: Wednesday, February 15, 2023
By: Bernama
The Cambodian delegation with Labuan FSA officials
LABUAN: Labuan International Business and Financial Centre (Labuan IBFC) regulator, Labuan Financial Services Authority (Labuan FSA), hosted a delegation from Cambodia’s Economy and Finance Ministry Tuesday to explore joint initiatives possibility between the two nations, forging stronger ties and exchanging knowledge.Twenty-two delegates led by the Ministry’s Deputy Director (General Department of Policy) Chea Kok Hong received a full briefing on the roles of Labuan FSA, including regulations and taxation, and the business offerings of Labuan IBFC.
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Labuan FSA Director General Nik Mohamed Din Nik Musa said the study visit marked an important milestone in the mutual efforts undertaken by parties to facilitate the exchange of information highlighting milestones and achievements when it comes to business and financial services.
He said this is in line with the Federal Government’s ongoing initiative to foster innovation within the financial sector, further solidifying Labuan’s prime position as a financial hub and expanding opportunities for financial institutions and financial technology (FinTech) terms in Labuan.
The Director General said the visit followed the significant growth of local financial services, which necessitated the development of new plans, initiatives and strategies to increase the efficiency of the sector, drive substantial growth and boost Labuan’s global competitiveness.
He said both parties look forward to constructive exchanges that would lead to successful financial business fruition.
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Nik Mohamed Din said the delegation represented a significant and meaningful milestone in the rapidly emerging cooperation between the two markets, particularly in the business and financial sectors.
Meanwhile, Chea said the objectives of the visit are, among others, to develop new ideas to design business models and regulatory frameworks in the financial services sector of Cambodia.
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The visit highlighted the breadth of expertise and ambition of Cambodia to establish a financial centre in their new industrial zone in Preah Sihanouk Province.
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