The MoU allows the organisations to chase market opportunities.

The offshore financial centre of Labuan, off Malaysia’s east coast, has signed an agreement with trusts' organisation Tricor Group to target greater growth opportunities in Greater China.

Labuan International Business and Financial Centre has signed a memorandum of understanding with Tricor.

The MoU, which is a non-exclusive arrangement, allows the organisations to go after market opportunities.

“We are excited to further our cooperation with Tricor to expand Labuan IBFC’s value proposition to the Greater China region. This partnership will further strengthen our market footprint by offering Chinese-based entities a viable substance enabling Asian-based jurisdiction for all their international business needs,” Farah Jaafar-Crossby, chief executive of Labuan IBFC, said.

“We have worked closely with Tricor over the years, increasing awareness in Asia of the wide range of structures and solutions for international business expansion, wealth management and digital finance offerings. However, Tricor’s recent expansion into mainland China, with offices covering all regions, makes the timing of this cooperation even more significant,” she added.

Labuan IBFC is home to almost 200 companies directly originating from China. As of last year, Bank of China was appointed by Labuan FSA as a renminbi settlement bank.