Labuan Offshore Financial Services Authority, the Malaysian financial services firm, has named David Kinloch as the new chief executive officer of Labuan IBFC Inc.

Mr Kinloch had been the interim CEO for the company and had also served as private advisor for over a year. His 35 years of experience with senior management positions in key offshore centres like Malta, Bermuda and Hong Kong made him the best candidate for Labuan's plan to expand on a more global level.

"Malaysia is in an ideal position to tap into the burgeoning wealth and economic growth within the region, which will lead to increased cross-border transactions via Labuan's international business centre," said Mohammed Azlan Hashim, the chairman of Labuan IBFC, in a statement.

Labuan IBFC is a wholly-owned subsidiary of LOFSA, Malaysia's offshore financial centre located in Sabah, Borneo. It offers investment holding firms products, like captive insurance, fund management, estate planning, leasing, and wealth management.

Mr Kinloch's appointment took effect in 1 January.