The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, has signed a Memorandum of Understanding (MoU) with Labuan IBFC Inc. Sdn Bhd (Labuan IBFC Inc.), the official promotional and marketing arm for the Labuan jurisdiction and a wholly-owned subsidiary of the jurisdiction’s sole regulator, Labuan Financial Services Authority.
The MoU, signed on the sidelines of the Qatar Economic forum (QEF) outlines a framework of cooperation between the two financial centres in several key areas, including the sharing of expertise, joint marketing and promotional initiatives, and exploration of potential new business opportunities.
Under the structure of the MoU, the two organisations will work together to facilitate the establishment of relevant financial institutions and financial service providers in both the QFC and Labuan IBFC platforms and explore the possibility of establishing passporting services for relevant financial institutions between each jurisdiction.
Speaking about the significance of the MoU, Yousuf Mohamed Al-Jaida, CEO of the QFC, said, “At the QFC, collaboration has been an essential factor in achieving success, particularly in stimulating activities and promoting growth in our focus sectors. This MoU with Labuan IBFC will not only strengthen the relationship between the two financial centres but also help promote innovation, refine expertise and stimulate progress in the financial services sector.”
Also commenting on the signing of the MoU, Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc., said, “This strategic partnership will further generate greater exposure and awareness of Labuan IBFC in the MENA region. Labuan IBFC Inc. is confident that both financial centres’ shared commonality comprising a sound legal framework and adherence to global financial standards will serve as an ideal platform for intermediaries looking to establish their presence in both the Asian and MENA regions. We look forward to working closely with QFCA to further deepen our collaboration in a meaningful manner.”
The MoU builds on the existing agreement between the QFCA and Labuan IBFC Inc to cooperate on a long-term basis to boost their economic and financial sector ties through joint projects to market and develop both financial centres.
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