Labuan IBFC Inc. and Council of Rector of Indonesia State University sign MoU

Both parties have signed an MoU for the placement of Indonesian university students in Labuan IBFC businesses 

LABUAN, Malaysia, March 27, 2024 /PRNewswire/ -- Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.), the official marketing agency for the Labuan International Business and Financial Centre (Labuan IBFC) has signed a Memorandum of Understanding (MoU) with Council of Rector of Indonesia State University (CRISU) which is responsible for providing and facilitating internship programmes for students from Indonesian universities. The non-binding MoU is to be valid for a period of one year.

The MoU, which was signed by Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc., and Prof. Ganefri Ph.D., Chair of CRISU – Indonesia signifies a commitment towards enhancing bilateral ties with a shared aim of contributing towards expanding the talent pool and bringing new perspectives, innovative ideas and research experiences into the Labuan industry. This initiative will lead to the upscaling of Labuan IBFC's ecosystem, under the key thrust of promoting market facilitation and visibility as outlined in the Labuan IBFC 2022-2026 Strategic Roadmap. This is also in line with the Ekonomi Madani framework which highlights an innovative ecosystem as a key factor in enhancing the competitiveness of Malaysian companies.

Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc. commented: "This strategic partnership will help expand the industry talent bank for recruitment by Labuan businesses, while enabling them to access local knowledge and glean insights about the Indonesian market. This will be particularly beneficial for further market development business and activities. He further commented, "We look forward to working closely with CRISU to further deepen our collaboration in a meaningful manner."

Prof. Ganefri Ph.D., Chair of CRISU shared this sentiment, noting "This alliance will enable students to gain exposure on Labuan IBFC businesses and enhance their understanding and comprehension on the connection between domestic and offshore businesses. The students also have the opportunity to broaden their horizons by experiencing the work culture in global firms while building possible future employment prospects."

A strategic relationship between Malaysia's international business and financial centre, and Indonesian universities will promote better understanding of Labuan IBFC's solutions and offerings and aid in the dissemination of correct information. Labuan IBFC can also serve as a platform for the rollout of cutting-edge financial solutions by these universities, hence facilitating the development and growth of Islamic finance, fintech and wealth management sectors. This will lead to the enhancement of their supporting ecosystems, thus easing entry into the respective markets and facilitating mutual recognition which are in line with aspirations of the BIMP EAGA economic corridor.

For more information on Labuan IBFC, please refer to www.labuanibfc.com.