Latest news with #LabuanFinancialServicesAuthority
Business Times
20-07-2025
- Business
- Business Times
Tokenize Xchange to exit Singapore after being denied digital payment token licence
[SINGAPORE] Cryptocurrency exchange Tokenize Xchange will cease its Singapore operations from Sep 30. This comes after the Monetary Authority of Singapore (MAS) decided not to grant the company a licence to offer digital payment token services, said the Singapore-based digital exchange platform on Sunday (Jul 20). All 15 employees of Tokenize Singapore will be laid off by Sep 30. However, some may be offered work in the company's international operations, said Tokenize Xchange in response to queries from The Business Times. It declined to comment on why the company was denied a licence by the MAS. The exchange is relocating to Labuan, and seeking to obtain a licence from the Labuan Financial Services Authority. It is also currently in the midst of acquiring a company that holds a digital financial services licence issued by the Labuan Financial Services Authority. The deal is expected to close by Sep 30. It will also seek regulatory approval from Abu Dhabi Global Market, a financial zone located in Abu Dhabi, the capital of the United Arab Emirates. Hong Qi Yu, chief executive and founder of Tokenize Xchange, said: 'While we regret this outcome in Singapore, we view this development as an opportunity to fortify our international operations.' Tokenize Xchange's exit comes just over a year after raising US$11.5 million in funding and announcing plans to expand its Singapore team to 100 staff. The expansion was said to help the company adapt to complex regulatory frameworks across South-east Asia. It was previously operating under an exemption in Singapore. It was among the first three digital asset exchange operators to receive full approval from the Securities Commission Malaysia in April 2020, and is Malaysia's second-largest digital asset exchange. Founded in 2017, Tokenize has operations in key Asian markets including Singapore, Malaysia and Vietnam, serving both individual and institutional investors.
Associated Press
16-07-2025
- Business
- Associated Press
VCI Global to Acquire Licensed Fund Manager in Malaysia's Labuan Jurisdiction to Launch Regulated Bitcoin Fund
KUALA LUMPUR, Malaysia, July 16, 2025 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) ('VCI Global' or the 'Company'), a diversified global holding company with a strategic focus on AI & Robotics, Fintech, Cybersecurity, Capital Market Consultancy, today announced it has entered into a definitive agreement to acquire V Capital Fund Management Limited, a fund management company licensed by the Labuan Financial Services Authority (Labuan FSA). The acquisition, made at a nominal consideration, is expected to close in the third quarter of 2025, subject to customary closing conditions and regulatory approvals. This strategic acquisition grants VCI Global immediate access to a regulated asset management framework via Labuan, Malaysia's internationally recognized offshore financial hub. Labuan is known for its efficient licensing regime, global investor accessibility, and tax incentives. It has long been a base for cross-border investment operations by major financial institutions, including Citigroup Inc. ('Citibank'), BNP Paribas SA ('BNP Paribas'), DBS Bank Limited ('DBS Bank'), and Malayan Banking Berhad ('Maybank International'). VCI Global will leverage the acquired license to launch the VCIG Bitcoin Fund, a USD-dominated, professionally managed investment vehicle that provides qualified investors with institutional-grade exposure to Bitcoin. The fund is designed to serve high-net-worth individuals, family offices, and institutional investors seeking compliant, secure, and operationally simplified access to digital assets. The move comes as global cryptocurrency markets surpass approximately US$2.6 trillion in total market capitalization, with Bitcoin accounting for approximately US$1.2 trillion, according to Investopedia. Despite rising global institutional interest, many investors in Asia remain underexposed to digital assets due to regulatory hurdles and the lack of trusted investment structures. By establishing its digital assets platform within Labuan's regulatory framework, VCI Global aims to bridge this gap by offering a secure, transparent, and tax-efficient vehicle for Asia-based investors seeking exposure to Bitcoin. 'This acquisition enables VCI Global to operate a fully licensed digital asset fund under a globally respected offshore regime. Bitcoin is increasingly recognized as a strategic reserve asset. Our goal is to provide institutional investors with a secure, regulated, and tax-efficient entry point into the future of digital value,' said Dato' Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global. About V Capital Fund Management Limited V Capital Fund Management Limited is a licensed fund manager regulated under the Labuan Financial Services and Securities Act 2010. The company is authorized to manage private and institutional funds under the oversight of the Labuan Financial Services Authority, offering compliant investment solutions within one of Asia's most established offshore financial jurisdictions. About VCI Global Limited VCI Global is a diversified global holding company with a strategic focus on AI & Robotics, Fintech, Cybersecurity, and Capital Market Consultancy. With a strong presence in Asia, Europe, and the United States, VCI Global is committed to driving technological innovation, sustainable growth, and financial excellence across multiple industries. For more information on the Company, please log on to Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words 'intends,' 'may,' 'will,' 'plans,' 'expects,' 'anticipates,' 'projects,' 'predicts,' 'estimates,' 'aims,' 'believes,' 'hopes,' 'potential' or similar words. These forward-looking statements are based only on our current beliefs, expectations, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission ('SEC'). The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law. CONTACT INFORMATION: For media queries, please contact: VCI GLOBAL LIMITED [email protected]
The Sun
18-05-2025
- Business
- The Sun
Global economic growth expected to slow to 3.1% this year: Labuan authority chief
KUALA LUMPUR: Global economic growth is expected to moderate to 3.1% this year from 3.2% in 2024, driven by the prolonged impact of high US tariffs which continue to disrupt international trade stability and trigger market uncertainty. Labuan Financial Services Authority director-general Nik Mohamed Din Nik Musa said the US's protectionist stance has raised concerns over a potential trade war that could further dampen global growth and increase volatility in key markets, including Asean. 'Despite these challenges, emerging Asian economies remain the main engine of global growth. 'Although China's growth is projected to slow by mid-2024, several other major economies continue to display strong momentum,' he said during the launch of the 2024 Market Report for the Labuan International Business and Financial Centre here recently. Nik Mohamed Din said the International Monetary Fund has emphasised that stable economic conditions in some countries offer opportunities to strengthen macroeconomic policies and implement long-term structural reforms. 'India remains the fastest-growing economy with a growth rate of 6.4%, while China and Indonesia continue to contribute significantly to Asia's economic progress,' he explained. Furthermore, Nik Mohamed Din noted that the US is projected to expand by only 2.2% in 2025. 'Malaysia retains strong economic fundamentals, but this year's performance still hinges on tariff policy shifts and developments in an increasingly challenging global landscape,' he said. Asean, he added, stands to benefit from the shifting of global supply chains away from China, as more manufacturers relocate operations to countries such as Vietnam, Thailand, Indonesia and Malaysia to take advantage of more competitive labour costs and to avoid high tariffs. Nik Mohamed Din said, '68.2% of Malaysia's exports are concentrated in Asean, China, the US, the European Union and Hong Kong, involving key products such as electrical and electronic goods, petroleum, palm oil, chemicals, as well as machinery and equipment.' Industrial activity is also on the rise, with new factories, warehouses and service hubs being developed across the region he added. On global oil prices, Nik Mohamed Din said the sector has seen a significant drop to its lowest levels since the Covid-19 pandemic, driven by ongoing uncertainty and expectations of increased output from Opec+ starting in April. 'While the decline affects oil-producing countries, it benefits importers like Malaysia by helping to manage production costs.' In a related development, he noted that major stock markets in the US, Europe and Asia have recorded declines, with financial, technology and export sectors being the hardest hit. 'The US dollar has also weakened, while currencies such as yen, euro and peso have strengthened in response to current trade policies,' Nik Mohamed Din said.
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
The Sun
01-05-2025
- Business
- The Sun
Labuan FSA announces appointment of Director General
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.
