Malaysia's Labuan Offshore Financial Services Authority (Lofsa) has appointed David Kinloch as chief executive of Labuan IBFC Inc, effective January 1.
Labuan IBFC is a Lofsa subsidiary, responsible for the promotion and advancement of Labuan International Business and Financial Centre (IBFC).
Kinlock was previously interim CEO and had been serving as a private advisor to Labuan IBFC for more than a year. In the latter role, he had assisted Labuan IBFC in generating awareness, especially among international financial intermediaries and corporate end-users.
Kinloch has 35 years of experience in the offshore financial services industry, having worked in senior management capacities in offshore centres such as Bermuda, Malta, Hong Kong and other jurisdictions.
His professional history includes assignments with the UK's Virgin Group, Jardine Matheson in Hong Kong, Lloyds syndicates in London, the Middle Sea Insurance company in Malta and energy major Mobil Oil.
"We have found David Kinloch to be a suitable candidate and believe he will provide a much more concerted, focused and targeted effort in promoting Labuan IBFC globally," says Lofsa director general Azizan Haji Abdul Rahman.
Besides an impeccable global track record, an essential quality for the CEO is a clear understanding of the needs of this specialised market and those of its intermediaries, says Labuan IBFC chairman Mohammed Azlan Hashim.
He adds that it is essential that Labuan IBFC creates a solid bridge to the global offshore industry from which to launch new services and products facilitated via the enactment of the new Labuan Bills by the Malaysian parliament.
Kinloch says: "Malaysia is in an ideal position to tap into the burgeoning wealth and economic growth within the region, which will lead to increased cross-border transactions via Labuan's international business centre."
Set up in 1996, Lofsa is an offshore financial centre off the coast of Malaysia's Sabah province on the island of Borneo, offering benefits such as access to Malaysia's network of double-taxation treaties with 69 countries. It provides investment holding companies with products such as captive insurance, trusts, fund management, leasing, estate planning and wealth management.