Labuan Financial Services Authority (Labuan FSA) has granted its approval for China Construction Bank Corporation Labuan Branch to conduct digital banking activities in the Labuan International Business and Financial Centre (Labuan IBFC).

CCBL was the first to seciure Labuan FSA’s digital bank approval, the two parties said in a joint statement.

A core strategy of the China Construction Bank Corporation (CCB) Group is to build a digital financial ecosystem with the use of fintech to empower customers’ access to their banking needs virtually via a comprehensive suite of wholesale and retail products and services.

“This represents the beginning of an exciting journey that will further solidify Labuan IBFC’s positioning as the preferred jurisdiction for businesses seeking to connect with Asia’s economies and beyond”

With CCBL being the pioneer in conducting digital banking in Labuan IBFC, this represents the beginning of an exciting journey that will further solidify Labuan IBFC’s positioning as the preferred jurisdiction for businesses seeking to connect with Asia’s economies and beyond.

“Essentially, China Construction Bank (CCB) is supporting key customers of the Belt & Road Initiative, bilateral trading companies and local large-scale infrastructure construction projects, which are also in tandem with the development of Labuan IBFC’s banking sector in the era of financial technology or digital evolution in the global financial industry,” the parties added in a media statement.