LABUAN, Nov 9-The Labuan Investment Bank Association (LIBA) announced its establishment last night.

It brings together investment banks registered under the Labuan Companies Act 1990, which conduct investment banking business under the Labuan Offshore Banking Act 1990, which was later replaced by the Labuan Financial Services and Securities Act 2010.

LIBA is responsible for receiving proposals that widely affect industry practice widely, providing committee views, managing industry conduct, as well as carrying out any activities aimed at promoting Labuan FSA.

Labuan FSA Director General Nik Mohamed Din Nik Musa said, it will become a new platform for industry collaboration and innovation to drive the development of Labuan IBFC as an international financial hub.

He said this at the keynote speech of the Labuan IBFC Innovation Awards Ceremony.

The ceremony was attended by Labuan FSA Chairman Dato Wan Mohd Fadzmie Che Wan Othman Fadhilah, LIBA Chairman Dr. Ken Lim and Labuan IBFC Executive Chairman Dato Iskandar Mohd Nuli.