Labuan Financial Services Authority, the supervisory and regulatory body for Labuan International Business and Financial Centre, has partnered with Malaysia's Iskandar Regional Development Authority to set a platform for greater collaboration between the financial services industries of the two markets. 

The memorandum of understanding is meant to foster mutual cooperation, according to a joint statement, particularly on new initiatives and incentives to enhance opportunities in Iskandar via Labuan IBFC as the investment platform and vice versa. 

It also facilitates the sharing of expertise, exchange of information and joint project execution, as well as extends partnerships to include media communication efforts for both parties' benefit.

Labuan IBFC, located in East Malaysia, has access to the country's network of over 70 double-taxation treaties. Iskandar Malaysia is the main development corridor located in the southern state of Johor. The MoU complements Labuan's efforts to reposition itself as a midshore financial centre, amid negative press on offshore centres as havens for tax evaders.

To read a related story about Labuan and the area of Shariah finance and wealth management, click here.