The Labuan International Business and Financial Centre (IBFC) has inked a memorandum of understanding with trust company service provider (TCSP) Tricor Group to mutually strengthen Labuan IBFC’s marketing outreach and market development initiatives in greater China.
In Labuan IBFC, it is obligatory to appoint a TCSP when setting up a licensed entity.
Farah Jaafar-Crossby, chief executive of Labuan IBFC, said: “This partnership will further strengthen our market footprint by offering Chinese-based entities a viable substance enabling Asian-based jurisdiction for all their international business needs.
“We have worked closely with Tricor over the years, increasing awareness in Asia of the wide range of structures and solutions for international business expansion, wealth management and digital finance offerings.
However, Tricor’s recent expansion into mainland China, with offices covering all regions, makes the timing of this cooperation even more significant,” she added.
Acquisition strategy
Lennard Yong, group chief executive of Tricor, said: “Following our acquisition of CP Trust in Labuan in late 2018, in addition to our recent acquisition of Richful Deyong in greater China last month, we have deepened our expertise and footprint in these high-growth markets.”
The MoU provides a platform for both parties to explore market development opportunities in greater China through activities such as training and knowledge sharing sessions, exchanges on market information and other mutually beneficial initiatives.
The arrangement, while non-exclusive, provides for a focused commitment by both parties to explore the expansive China market.
Currently, Labuan IBFC is home to close to 200 companies (out of which 35 are licensed entities) directly originating from China.
