Labuan has been developed primarily as an international centre for business and financial services in Asia since 1990. The Labuan International Business and Financial Centre (Labuan IBFC) has served as a financial and investment gateway to and from the wider regional and global economy primarily for Asian jurisdictions. It offers a full range of financial products and services for corporations and individuals, both in the conventional and Islamic space.
Labuan is now home to more than 50 banks and more than 200 insurance-related entities. It has also earned a reputation as the fastest-growing captive market in Asia.
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