KUALA LUMPUR, Oct 9 (Bernama) -- Asia Pacific Investment Bank (APIB) launches the APIB- Labuan Offshore Financial Centre’s Comprehensive Financial Services Programme to provide a comprehensive financing solution to Malaysian businesses and help them recover from the ongoing Covid-19 pandemic.

The six key financial services provided under the programme include investment banking, asset management, international trade financing, global trade services, Islamic financing, and digital financing. There are 15 other sub-services offered under the six main pillars of the programme.  
 
Chris Wang, CEO of APIB says Malaysia’s total trade number in the second quarter has fallen by 14.7% compared to the corresponding quarter last year. However, Malaysia’s economy, together with other Asean countries, has been gradually improving in recent months. In fact, Asean has surpassed the European Union to become China’s largest trading partner recently.   
 
“Trading activities in Malaysia and Asean during the later stage of the ongoing pandemic has been steadily increasing. The key thing that local financial institutions like us should focus on is to help Malaysian businesses address financial challenges that they are facing, especially the challenge of accessing cross-border trade financing services at an affordable cost. 
 
“We believe our programme will help local businesses solve these challenges and propel Malaysia to become the export leader in Asean. It is a three-in-one programme that combines the elements of traditional financing, Islamic financing and digital financing,” he says.  
 
Wang adds that the programme aims to fulfil the demand of regional and global businesses for comprehensive offshore financial services. APIB also wants to help the Labuan International Business and Financial Center (IBFC) become one of the key global financial hubs.   
 
The APIB- Labuan Offshore Financial Centre’s Comprehensive Financial Services Programme is also the second initiative launched by APIB recently to support Malaysian business in facing financial challenges posted by the Covid-19 pandemic. 
 
Last month, the bank announced its plan to set up the Islamic Digital Finance Fund to finance local businesses and embark on their digital transformation journey. Such an effort goes hand-in-hand with the various government initiatives and the Covid-19 Fund, launched by Labuan IBFC, to help local people and businesses to survive the economic downturn.
 
Earlier of this month, Wang paid a courtesy visit to Malaysian Ambassador to China, Raja Dato’ Nushirwan Zainal Abidin at Malaysian Embassy in Beijing. In the meeting, Wang congratulated Labuan IBFC on its 30th anniversary. He says the centre, founded 30 years ago, was known as Labuan Offshore Financial Centre before 2008. Since its establishment, it has provided its services to more than 16,000 businesses and 1,000 licensed entities. He says APIB registered itself with Labuan IBFC in 2015 and the bank has been satisfied with the preferential tax treatment, stable financial environment and comprehensive legal system of the centre. 
 
“Labuan IBFC has been improving its regulatory and financial system over the years and is recognised by various heavyweight international financial institutions including the Organisation for Economic Co-operation and Development (OECD), Group of International Insurance Centre Supervisors and Financial Action Task Force (FATF). This is the main reason APIB was registered in Labuan in 2015 and we have been continuously investing in and developing our business here,” says Wang. 


SOURCE : Asia Pacific Investment Bank (APIB)

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--BERNAMA