LABUAN, The increasing interest in digital assets and alternative financial instruments is driving innovation and growth within Labuan's financial sector. Labuan International Business and Financial Centre (IBFC) chairman Datuk Iskandar Mohd Nuli said leveraging blockchain technology could streamline financial transactions, enabling borderless and seamless financing solutions. 'By the end of 2023, Labuan IBFC had welcomed 105 digital financial service providers, reflecting a growing acceptance of digital assets. 'Despite global economic uncertainties such as high inflation, tightening liquidity, and rising geopolitical risks, fundraising activities across sectors remain strong,' he said at the launch of AIX Exchange Digital Asset platform here today. He said Labuan IBFC's performance mirrors this resilience, with the centre's total assets surging by 220.9 per cent, reaching US$23 million. Iskandar said the rise in asset value is supported by innovative strategies and increasing demand for diverse invest ment opportunities. He said Labuan IBFC currently hosts four operational exchanges, and the recent introduction of the Asia International Exchange (AIX) marks a significant milestone. 'AIX, built on blockchain and powered by advanced AI trading systems, is designed to bridge traditional finance with the rapidly expanding digital economy. 'This platform represents a space where innovation, trust, and financial inclusion intersect, advancing Labuan IBFC's role in the global fintech landscape,' he said. Source: BERNAMA News Agency
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