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China Construction Bank Labuan signs 14 MOUs

25 Oct 2019 / 18:07 H.

LABUAN: China Construction Bank Labuan (CCBL), the first foreign-owned offshore bank granted approval to conduct digital banking activities in the Labuan International Business and Financial Centre (Labuan IBFC), inked 14 memoranda of understanding (MoUs) with various parties at its opening ceremony today.

The bank, which was granted a licence to operate in Labuan IBFC in June this year, exchanged MoUs with, among others, Labuan IBFC, ZICO Trust Limited, Pricewaterhouse Coopers Malaysia, Public Bank (L) Ltd, Baxian Private and Investment Bank Ltd, European Credit Investment Bank Ltd, Faisal Investment Bank, IBH Investment Bank Limited, Middle East Investment Bank Ltd, PHIL Ltd, Fusang Exchange Ltd, APAC Venture Sdn Bhd, Revenue Monster Sdn Bhd, WETIX Sdn Bhd, ADFINITY Media Sdn Bhd, CITIC Sunsuria Sdn Bhd, Beibu Gulf Holdings (Malaysia) Sdn Bhd and CCB Guangxi Branch.

CCBL's being the pioneer in conducting digital banking in Labuan IBFC is expected to further solidify the IBFC’s positioning as the preferred jurisdiction for businesses seeking to connect with Asia’s economies and beyond.

Essentially, China Construction Bank (CCB) is supporting key customers of the Belt and Road Initiative, bilateral trading companies and local large-scale infrastructure construction projects, which are also in tandem with the development of Labuan IBFC’s banking sector in the era of financial technology or digital evolution in the global financial industry.

Founded in 1954, the Beijing-headquartered CCB is one of the top banks in China.

The MoUs were witnessed by Deputy Health Minister Dr Lee Boon Chye, Labuan Member of Parliament Datuk Rozman Isli, Special Envoy of Malaysia to People Republic of China Tan Kok Wai, Kota Kinabalu Member of Parliament cum Labuan Port Authority chairman Chan Foong Hin and executive vice president China Construction Bank Corporation Ji Zhihong. - BERNAMA

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