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Labuan FSA Grants the First Digital Bank Approval to China Construction Bank Labuan



Labuan, Monday 26th August 2019 – With the acceleration of digital revolution in banking, and the advent of 5G driving Industry 4.0, behavioural preference is observed to shift towards online and mobile, from payments to consumption, and in business and trade transactions.


China Construction Bank Corporation Labuan Branch (“CCBL”) has been approved by the Labuan Financial Services Authority (“Labuan FSA”) to conduct digital banking activities in the Labuan International Business and Financial Centre (“Labuan IBFC”).  


A core strategy of the China Construction Bank Corporation (“CCB”) Group is building a digital financial ecosystem with the use of Financial Technology (“FinTech”) to empower customers’ access their banking needs virtually via a comprehensive suite of wholesale and retail products and services. This will not only drive FinTech and innovations but also bring about new customer experiences and enhanced convenience through faster and more personalised services offered by the bank. 


With CCBL being the pioneer in conducting digital banking in Labuan IBFC, this represents the beginning of an exciting journey that will further solidify Labuan IBFC’s positioning as the preferred jurisdiction for businesses seeking to connect with Asia’s economies and beyond. Essentially, CCB is supporting key customers of Belt and Road Initiative (BRI), bilateral trading companies and local large-scale infrastructure construction projects which are also in tandem with the development of Labuan IBFC’s banking sector in the era of FinTech or digital evolution in the global financial industry.

Source: Lubuan FSA