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Tun Razak Exchange ‘won’t overshadow Labuan Financial Centre’
Published on: Sunday, June 16, 2024
By: Sohan Das
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Chin said TRX “is more a business hub than a financial hub located in the KL financial district.” Whereas Labuan is a real IBFC, with separate legislations like Labuan Companies Act, Labuan Business Activity Act and other Acts which were unique to Labuan IBFC.
LABUAN: Association of Labuan Trust Companies (ALTC) Chairman Datuk Chin Chee Kee said that the Labuan International Business and Financial Centre established in 1990 has gained global recognition marked with dynamic growth.
He was dispelling fears of some quarters that Tun Razak Exchange (TRX) which was launched in Kuala Lumpur on Feb 24, 2024 by Prime Minister Datuk Seri Anwar Ibrahim would pose a threat to Labuan or dilute its significance.
“TRX and Labuan IBFC are two different concepts. I am optimistic that Labuan centre which had nurtured over years will remain robust and an important contributor to the national economy given the enhanced support of the government,” said Chin, who is an industry pioneer.
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