Labuan: The Labuan Financial Services Authority (Labuan FSA) is preparing to launch a new five-year strategic blueprint aimed at enhancing the sectors of Islamic finance and the digital economy. This ambitious plan is expected to be rolled out by the end of this year or at the beginning of next year, as disclosed by its Director-General, Affendi Rashdi.

According to BERNAMA News Agency, the upcoming blueprint will cover the period from 2027 to 2031, effectively succeeding the current 2022-2026 framework set to conclude at the end of this year. Affendi mentioned that while they are still perfecting two other critical components of the blueprint, a combination of bottom-up and top-down strategies is deemed essential to advance the Labuan International Business and Financial Centre (Labuan IBFC).

Affendi highlighted the improved standing of Labuan IBFC in the Global Financial Centres Index (GFCI 39), which advanced from 60th to 55th place. This progress is seen as a notable success for both Labuan and Malaysia. He further noted that the centre's innovative capabilities in financial technology have been significantly bolstered, with Labuan IBFC now ranked 37th globally in fintech services, surpassing several leading regional financial hubs.

Affendi expressed a commitment to maintaining this upward trajectory, underscoring the importance of Labuan FSA's role as a regulator in translating these advancements into real-world economic benefits. He stressed the necessity of collaborating closely with Labuan Corporation to harness the infrastructure within the IBFC effectively, thereby contributing to Labuan's tangible economic growth.