Labuan IBFC’s Financial Services Community Band Together to Combat COVID-19

Labuan IBFC’s Financial Services Community Band Together to Combat COVID-19

by March 30, 2020

Labuan International Business and Financial Centre, Labuan IBFC’s financial services and intermediation community have come together to assist local authorities in relief efforts via the pooling of resources.

Labuan IBFC’s Cross-Industry Group comprising of all the industry associations representing licensed entities in the jurisdiction has led the formation of a pool fund, focused on providing relief to frontliners and those less fortunate in Labuan.

This Cross-Industry Group consists of Labuan Financial Services Authority, Labuan International Insurance Association, Association of Labuan Banks, Association of Labuan Trust Companies, Labuan Investment Banking Group and the Labuan Fintech Association.

The Labuan IBFC Community is deeply concerned about the growing scale of the COVID-19 pandemic and its social and economic impact, particularly on Labuan island. Specifically, this resource pool will fund towards the purchase and distribution of personal protective equipment for hospital staff, healthcare providers, and other frontline service personnel on the island.

Relief, in the form of household necessities, will also be provided to those in the B40 income group and to daily wage earners who are impacted by the situation, as well as schools and small businesses.

In their media statement, they said that the above effort is testament of the commitment and empathy of the Labuan IBFC community towards the people of Labuan island, by providing whatever assistance it can to relieve hardships under the current situation.