LABUAN FINANCIAL SERVICES PLAYERS DO THEIR BIT FOR COVID-19 RELIEF EFFORTS

LABUAN: Labuan International Business and Financial Centre (Labuan IBFC) and financial industry players have joined hands to assist the Labuan Natural Disaster Management Committee in relief efforts via the pooling of resources.

Labuan IBFC’s cross-industry group comprising of all industry associations representing licensed entities has led the formation of a pool fund which focused on providing relief to the frontliners and those less fortunate on the island.

This cross-industry group consists of Labuan Financial Services Authority (Labuan FSA), Labuan International Insurance Association, Association of Labuan Banks, Association of Labuan Trust Companies (ALT), Labuan Investment Banking Group and the Labuan Fintech Association (LFA).

In a statement, the Labuan IBFC said it was deeply concerned about the growing scale of the COVID-19 pandemic and its social as well economic impact, particularly on Labuan’s economy and the people’s well-being

Specifically, this resource pool will fund towards the purchase and distribution of personal protective equipment for hospital staff, healthcare providers and other frontline service personnel on the island.

Relief, in the form of household necessities, will also be provided to those in the B40 income group, daily wage earners, schools and small businesses who are impacted by the Movement Control Oder (MCO) following the COVID-19 spread. Ends