Asia's first offshore exchange to open in October

Malaysia''s offshore Labuan Financial Exchange hopes to raise funds for new technology firms, but can it succeed where Mesdaq has failed?

Eight kilometres off the west coast of Sabah in the South China Sea lies Asia's only offshore financial centre. Formerly a British colony and now a federal territory of Malaysia, the island of Labuan will soon also be the site of Asia's only offshore stock exchange.

Labuan is due to open its own bourse - the Labuan Financial Exchange LFX - in October, following in the footsteps of more established tropical tax havens such as Bermuda and the Cayman Islands.

Recently, officials from the Kuala Lumpur Stock Exchange KLSE, which owns the LFX, have been promoting it as a source of funding for new Malaysian technology and dotcom companies. On the face...

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