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Labuan Fund Manager Launches Offshore Banking Facility

Vanessa Doctor Asia Correspondent 19 December 2011

Labuan Fund Manager Launches Offshore Banking Facility

Hans Advisory & Trust, the Malaysian fund manager, has launched offshore banking facilities for clients with operations outside the country. 

Effective immediately, companies can utilise offshore banking facilities provided by the firm, including escrow services and onshore or offshore taxation advice. The company also offers debt security and investment fund listing, as well as assistance to businesses looking to set up a Labuan foundation or a private trust firm.

Labuan is an island territory in Malaysia and is known as an offshore financial centre with a focus on shariah-compliant finance structures, public and private funds and wealth management.

Malaysia is gaining a lot of attention as a financial services hub, especially after the Central Bank relaxed rules governing limitations on foreign lenders' coverage of the local market in August. Bank Negara Malaysia recently signed a cross-border agreement with the Monetary Authority of Singapore with the goal to enhance liquidity facilities to financial institutions in both countries. 

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