LABUAN (Oct 15): Labuan Corporation (LC) has appointed entrepreneur Jeffrey Lim Tau Hoong as chief executive officer of its wholly-owned investment subsidiary, Invest Labuan Sdn Bhd (ILSB), effective Thursday.

LC chief executive officer Rithuan Ismail, who is also ILSB deputy chairman, presented the letter of appointment to Lim at Menara DBKL, Kuala Lumpur.

Lim brings more than 20 years of experience in technology, property and investment.

He co-founded financial technology company Fracsio and founded the Now Group, with interests in property, technology and investment.

He is also deputy chairman of the Malaysia Investment Association and the China-Asean Chamber of Commerce, and was named a Young Global Leader by the World Economic Forum in 2015.

Rithuan said ILSB was established to turn Labuan’s economic advantages into commercially viable investment projects.

“Jeffrey brings an entrepreneur’s instinct for deals and strong networks across Asean and China. The board expects ILSB to move quickly, invest selectively, and measure its success by the jobs and income it creates for Labuan,” he said.

Lim said his priority was to connect investors with Labuan’s untapped opportunities through commercially viable and regulatory-compliant investment structures.

ILSB will focus on strategic partnerships and commercially viable projects, with initial priorities in the blue economy, tourism and the commercial utilisation of LC’s assets.

It will also work with the Labuan Financial Services Authority (Labuan FSA) to develop compliant business and financing structures to attract international capital, while exploring cross-border investment opportunities within the Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA).

Its business plan will be guided by the Labuan Structure Plan 2040, which envisions a “Prosperous, Sustainable and Smart Labuan”.

ILSB is mandated to attract investment, develop commercially viable projects and forge strategic partnerships to support the economic development of the Federal Territory of Labuan.

Uploaded by Magessan Varatharaja