China

Labuan IBFC partners with Tricor Group to Enhance Outreach in China

Labuan IBFC and Tricor have inked a Memorandum of Understanding (MoU) that will enable both parties to mutually strengthen Labuan IBFC’s marketing outreach and market development initiatives in Greater China.

“We are excited to further our cooperation with Tricor to expand Labuan IBFC’s value proposition to the Greater China region. This partnership will further strengthen our market footprint by offering Chinese based entities a viable substance enabling Asian based jurisdiction for all their international business needs,” said Farah Jaafar-Crossby, CEO of Labuan IBFC Inc.

“We have worked closely with Tricor over the years, increasing awareness in Asia of the wide range of structures and solutions for international business expansion, wealth management and digital finance offerings. However, Tricor’s recent expansion into mainland China, with offices covering all regions, makes the timing of this cooperation even more significant,” she added.

Tricor is one of the leading Trust Company Service Providers (TCSP) in Labuan IBFC. Like other service providers in the jurisdiction, it plays a significant role in Labuan IBFC’s business ecosystem as it is obligatory to appoint a TCSP when setting up a Labuan-licensed entity.

Lennard Yong, Group CEO of Tricor, said: “Following our acquisition of CP TRUST in Labuan in late 2018 in addition to our recent acquisition of Richful Deyong in Greater China last month, we have deepened our expertise and footprint in these high-growth markets. We are pleased to partner with Labuan IBFC as we seek to deliver a comprehensive suite of best-in-class business expansion solutions. In partnership with Labuan IBFC, I am confident that our talented teams will continue to deliver innovative solutions to accelerate the growth of our clients across Asia.”

The MoU provides a platform for both parties to explore market development opportunities in Greater China through activities such as training and knowledge sharing sessions, exchanges on market information and other mutually beneficial initiatives. The arrangement, while non-exclusive, provides for a focused commitment by both parties to explore the expansive China market.