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Neurogine complements Labuan FSA's fintech mission

02/12/2019 04:59 PM

By Jailani Hassan

LABUAN, Dec 2 -- Malaysian financial technology (fintech) firm Neurogine Group is optimistic of complementing the Labuan Financial Services Authority’s (Labuan FSA) vision and mission of turning Labuan into the global fintech hub.

Its chief executive officer, Owen Chen said the group is supportive of the Labuan regulated eco-system and is engaging with entities like China Construction Bank Corporation Labuan Branch and AMS Trust Company Ltd, Corporate Services Trust Co Ltd.

“We have expanded from our sole satellite office at Labuan Financial Park Complex to three additional offices at City Cubicles Centre Labuan, which can cater to more employees.

“We are working closely with Labuan FSA, and we have been very supportive each other. We are meeting banking regulators -- The National Bank of Cambodia in Cambodia and The People's Bank of China in China -- in December, and coordinating with Labuan FSA director-general Danial Mah Abdullah for his presence at these meetings,” he said in an interview with Bernama today.

Owen said such high-profile support from Labuan FSA is crucial as it would highlight Labuan as a global financial hub and more importantly, as a global fintech hub.

“Last month Labuan International Business Financial (Labuan IBFC) chief executive officer Farah Jaafar-Crossby commented on the success of our partnership with US-based Cornerstone Global Management LLC and said that this partnership reflects Labuan’s fast growing reputation as the preferred jurisdiction for global digital players,” Owen said.

He said this was yet another milestone for Labuan IBFC, which is strategically located in the centre of Asia, in playing its role as a wholesale financial and digital intermediation hub.

“We are excited to be part of the burgeoning global digital community via our licence holders, Neurogine and their partner Cornerstone Global Management.

“Our digital ethos is facilitative as we appreciate the benefits brought about by digital advancement, especially when the activities are fully licensed, well-regulated and supervised as it is in Labuan IBFC,” he added.

Neurogine is also actively supporting calls by Labuan FSA and Labuan IBFC to form the newly-proposed Labuan Fintech Association and Labuan Money Broker Association, as legitimate and formal voices for these communities.

“These communities will improve the efficiency of the rapidly growing fintech segment and money broking segment in the Labuan eco-system,” he said.

Owen disclosed that Neurogine has implemented a ‘Labuan First’ policy for its group.

“For example, we are prioritising job opportunities for candidates from Labuan. We intend to cooperate with higher learning institution like Universiti Malaysia Sabah Labuan International Campus to screen and recruit graduates looking for a career in the fintech industry.


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