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* LOFSA Received the Best Ideas AwardIn line with the positioning of Labuan as the leading integrated International Business & Financial Centre (IBFC), LOFSA has implemented the single electronic collection platform by using HSBCnet, an integrated cash management structure, linking the 21 trust companies in Labuan and providing for a truly ‘hub and spoke’ approach, allowing for better control and visibility to collections for LOFSA. The close collaboration has allowed integration from HSBCnet into myLOFSA, allowing for reduction in the collection days from 8 days on average to 1 day.
MyLOFSA is a system for the registration or incorporation of offshore companies. It is a web-based system that facilitates the registration process through the use of digital forms, online submission and automated backend processing. The use of the Internet, as the medium of data delivery, provides flexibility as the registration process can be initiated in a borderless environment.
LOFSA would continue to enhance its delivery system to provide a facilitative and frictionless operating environment for the institutions in Labuan IBFC.