Labuan IBFC Inc. Announces Appointment Of New Chairman And Member Of The Board

Kuala Lumpur, 21 May 2025 - Mr. Steven Choy Khai Choon has been appointed as Chairman, and Dr. Aida Othman as a member of the Board of Directors of Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.). Both appointments, effective from 12 March 2025, are for a two-year term. They currently serve as Authority Members of Labuan Financial Services Authority (Labuan FSA).

Mr. Steven Choy currently serves as the Independent Non-Executive Chairman of Zurich Life Insurance Malaysia Bhd. He is also the Deputy Chairman and a member of both the Audit Committee and the Nomination & Remuneration Committee of Deutsche Bank Malaysia Bhd. In addition, he sits on the boards of Zurich General Insurance Malaysia Bhd, Hap Seng Plantations Holdings Bhd, Bond and Sukuk Information Platform Sdn Bhd, and Asian Banking School Sdn Bhd.

Mr. Steven Choy also holds the positions of Independent Director and Chairman of the Risk & Audit Committee at MSM Malaysia Holdings Bhd. Furthermore, he serves as a Public Interest Director at the Federation of Investment Managers Malaysia. He previously held senior roles in various financial institutions and served as the President and CEO of Cagamas Berhad for six years, retiring in March 2012.

Dr. Aida Othman is a Board Member of ZICO Shariah Advisory Services Sdn Bhd, where she brings extensive expertise in Islamic banking and finance, Islamic capital market instruments, and takaful products and operations. She provides strategic advice on Shariah compliance and governance, with a strong focus on the legal and regulatory frameworks that underpin Islamic finance. Dr. Aida currently serves as a Shariah committee member at several Islamic financial institutions.

Both appointees bring extensive experience in financial services, public administration, and Islamic finance. Their expertise will enhance Labuan IBFC Inc.’s market outreach initiatives and support its mission to advance the jurisdiction’s strategic goals. These appointments also underscore Labuan FSA’s ongoing commitment to strengthening governance and strategic oversight across its group of entities.