Latest news with #LabuanFSA
BusinessToday
4 days ago
- Business
- BusinessToday
MPay Secures Labuan FSA License, Expands Fintech Reach To Global Markets
ManagePay Systems Berhad (MPay), a prominent Malaysian fintech company, has received approval from the Labuan Financial Services Authority (Labuan FSA) to establish a new subsidiary, MPay SPV Labuan Ltd (MPay Labuan), marking a significant step in its global expansion strategy. The newly licensed entity will operate under the Labuan International Business and Financial Centre (Labuan IBFC) and focus on Credit Token Business, Digital Financial Services and a payment system aimed at foreign markets, particularly within ASEAN and beyond. The approval also allows MPay Labuan to offer multi-currency mobile wallets and Mastercard prepaid cards without preset wallet size limits, delivering greater flexibility for users including digital nomads, small and medium enterprises, expatriates and e-commerce entrepreneurs. The license also designates MPay Labuan as a Payment System Operator, enabling US dollar-based transactions, a major benefit for cross-border e-commerce. 'Securing the Labuan FSA license marks a pivotal step in MPay's journey to become a global fintech enabler because now we can bring our secure, user-friendly financial solutions to a broader international audience' MPay's Group Managing Director and Founder Datuk Chew Chee Seng said. Chew noted that Labuan IBFC's regulatory strength, strategic Asian location and business-friendly environment make it an ideal hub for MPay's expansion. 'The move supports MPay's broader mission to enhance financial inclusion and digital economy growth through accessible fintech solutions,' Chew said, adding that this milestone positions MPay to compete on the international stage, addressing rising global demand for secure, scalable and innovative digital financial services. Related
Malaysian Reserve
22-05-2025
- Business
- Malaysian Reserve
LABUAN IBFC INC. ANNOUNCES APPOINTMENT OF NEW CHAIRMAN AND MEMBER OF THE BOARD
KUALA LUMPUR, Malaysia, May 21, 2025 /PRNewswire/ — Mr. Steven Choy Khai Choon has been appointed as Chairman, and Dr. Aida Othman as a member of the Board of Directors of Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.). Both appointments, effective from 12 March 2025, are for a two-year term. They currently serve as Authority Members of Labuan Financial Services Authority (Labuan FSA). Mr. Steven Choy currently serves as the Independent Non-Executive Chairman of Zurich Life Insurance Malaysia Bhd. He is also the Deputy Chairman and a member of both the Audit Committee and the Nomination & Remuneration Committee of Deutsche Bank Malaysia Bhd. In addition, he sits on the boards of Zurich General Insurance Malaysia Bhd, Hap Seng Plantations Holdings Bhd, Bond and Sukuk Information Platform Sdn Bhd, and Asian Banking School Sdn Bhd. Mr. Steven Choy also holds the positions of Independent Director and Chairman of the Risk & Audit Committee at MSM Malaysia Holdings Bhd. Furthermore, he serves as a Public Interest Director at the Federation of Investment Managers Malaysia. He previously held senior roles in various financial institutions and served as the President and CEO of Cagamas Berhad for six years, retiring in March Aida Othman is a Board Member of ZICO Shariah Advisory Services Sdn Bhd, where she brings extensive expertise in Islamic banking and finance, Islamic capital market instruments, and takaful products and operations. She provides strategic advice on Shariah compliance and governance, with a strong focus on the legal and regulatory frameworks that underpin Islamic finance. Dr. Aida currently serves as a Shariah committee member at several Islamic financial institutions. Both appointees bring extensive experience in financial services, public administration, and Islamic finance. Their expertise will enhance Labuan IBFC Inc.'s market outreach initiatives and support its mission to advance the jurisdiction's strategic goals. These appointments also underscore Labuan FSA's ongoing commitment to strengthening governance and strategic oversight across its group of entities. Visit for more information on Asia's premier international financial hub.
Korea Herald
21-05-2025
- Business
- Korea Herald
LABUAN IBFC INC. ANNOUNCES APPOINTMENT OF NEW CHAIRMAN AND MEMBER OF THE BOARD
KUALA LUMPUR, Malaysia, May 21, 2025 /PRNewswire/ -- Mr. Steven Choy Khai Choon has been appointed as Chairman, and Dr. Aida Othman as a member of the Board of Directors of Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.). Both appointments, effective from 12 March 2025, are for a two-year term. They currently serve as Authority Members of Labuan Financial Services Authority (Labuan FSA). Mr. Steven Choy currently serves as the Independent Non-Executive Chairman of Zurich Life Insurance Malaysia Bhd. He is also the Deputy Chairman and a member of both the Audit Committee and the Nomination & Remuneration Committee of Deutsche Bank Malaysia Bhd. In addition, he sits on the boards of Zurich General Insurance Malaysia Bhd, Hap Seng Plantations Holdings Bhd, Bond and Sukuk Information Platform Sdn Bhd, and Asian Banking School Sdn Bhd. Mr. Steven Choy also holds the positions of Independent Director and Chairman of the Risk & Audit Committee at MSM Malaysia Holdings Bhd. Furthermore, he serves as a Public Interest Director at the Federation of Investment Managers Malaysia. He previously held senior roles in various financial institutions and served as the President and CEO of Cagamas Berhad for six years, retiring in March 2012. Dr. Aida Othman is a Board Member of ZICO Shariah Advisory Services Sdn Bhd, where she brings extensive expertise in Islamic banking and finance, Islamic capital market instruments, and takaful products and operations. She provides strategic advice on Shariah compliance and governance, with a strong focus on the legal and regulatory frameworks that underpin Islamic finance. Dr. Aida currently serves as a Shariah committee member at several Islamic financial institutions. Both appointees bring extensive experience in financial services, public administration, and Islamic finance. Their expertise will enhance Labuan IBFC Inc.'s market outreach initiatives and support its mission to advance the jurisdiction's strategic goals. These appointments also underscore Labuan FSA's ongoing commitment to strengthening governance and strategic oversight across its group of entities.
Yahoo
21-05-2025
- Business
- Yahoo
LABUAN IBFC INC. ANNOUNCES APPOINTMENT OF NEW CHAIRMAN AND MEMBER OF THE BOARD
KUALA LUMPUR, Malaysia, May 21, 2025 /PRNewswire/ -- Mr. Steven Choy Khai Choon has been appointed as Chairman, and Dr. Aida Othman as a member of the Board of Directors of Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.). Both appointments, effective from 12 March 2025, are for a two-year term. They currently serve as Authority Members of Labuan Financial Services Authority (Labuan FSA). Mr. Steven Choy currently serves as the Independent Non-Executive Chairman of Zurich Life Insurance Malaysia Bhd. He is also the Deputy Chairman and a member of both the Audit Committee and the Nomination & Remuneration Committee of Deutsche Bank Malaysia Bhd. In addition, he sits on the boards of Zurich General Insurance Malaysia Bhd, Hap Seng Plantations Holdings Bhd, Bond and Sukuk Information Platform Sdn Bhd, and Asian Banking School Sdn Bhd. Mr. Steven Choy also holds the positions of Independent Director and Chairman of the Risk & Audit Committee at MSM Malaysia Holdings Bhd. Furthermore, he serves as a Public Interest Director at the Federation of Investment Managers Malaysia. He previously held senior roles in various financial institutions and served as the President and CEO of Cagamas Berhad for six years, retiring in March Aida Othman is a Board Member of ZICO Shariah Advisory Services Sdn Bhd, where she brings extensive expertise in Islamic banking and finance, Islamic capital market instruments, and takaful products and operations. She provides strategic advice on Shariah compliance and governance, with a strong focus on the legal and regulatory frameworks that underpin Islamic finance. Dr. Aida currently serves as a Shariah committee member at several Islamic financial institutions. Both appointees bring extensive experience in financial services, public administration, and Islamic finance. Their expertise will enhance Labuan IBFC Inc.'s market outreach initiatives and support its mission to advance the jurisdiction's strategic goals. These appointments also underscore Labuan FSA's ongoing commitment to strengthening governance and strategic oversight across its group of entities. Visit for more information on Asia's premier international financial hub. View original content to download multimedia: SOURCE Labuan IBFC
The Star
01-05-2025
- Business
- The Star
Labuan FSA announces appointment of Affendi Rashdi as DG
LABUAN: Labuan Financial Services Authority (Labuan FSA) has announced the appointment of Bank Negara Malaysia (BNM) chief services officer Affendi Rashdi as its Director General for a two-year term from May 1, 2025 to April 30, 2027. The appointment was made by the Ministry of Finance (MOF), Labuan FSA said in a statement on Thursday. Affendi brings over two decades of experience in financial sector development, policy, and institutional services. At BNM, he held senior roles including director of the finance department and was part of the Financial Sector Blueprint team. He also contributed to the corporatisation of Bank Pertanian Malaysia Bhd (Agrobank), establishment of Small Medium Enterprise Development Bank Malaysia Bhd, and review of the Development Financial Institutions Act 2012. Labuan FSA said Affendi holds degrees from Harvard University and Universiti Teknologi MARA, and is a member of several professional accounting bodies. The board thanked outgoing director general Nik Mohamed Din Nik Musa, whose term ended on April 30, 2025, for his contributions to the Labuan IBFC's growth. "With the appointment of Affendi Rashdi as the new Director-General, Labuan FSA is confident the centre will continue to innovate and grow, building on its success and further strengthening its position as a preferred financial centre in Asia," it said. - Bernama
