The Asian IFC said it logged a range of positive results for newly-incorporated entities such as trust companies, as well as bank assets and captive insurance figures, last year.

The Southeast Asian financial jurisdiction of Labuan, off the coast of Malaysia, last year clocked up a 12.5 per cent rise in the number of newly-incorporated companies, standing at 1,059, with most coming from the Far East. Total bank assets in the IBFC rose by 8.4 per cent on the year to $55 billion.

Data on the Labuan International Business and Financial Centre included figures showing that a total of 58 trust companies were established last year, and this included the granting of six new licenses, up by 11.5 per cent on a year before.

The captive insurance business grew in 2018, with total gross premium rising by 11 per cent to $400.5 million; with 67.4 per cent of premiums from foreign business. Some six new captives were set up in 2018, all of which were Asia-based, Labuan IBFC said in a statement.

As far as banking was concerned, the organisation said that loans granted to non-residents accounted for 59.7 per cent, with most from the Asia-Pacific region. Within the Islamic banking segment, total assets rose by 2.4 per cent to $3.2 billion, and total financing rose by 8.4 per cent from $2.7 billion.