Global Financial Centres Index shows gains for Labuan IBFC and Ho Chi Minh City

The latest Global Financial Centres Index (GFCI 40) shows significant movement for several Asian financial hubs. Labuan International Business and Financial Centre (Labuan IBFC) rose 11 places to rank 44th out of 117 global centres. This marks its third consecutive rise in the index. Labuan IBFC has transitioned from the “International Contender” category to the “Specialised Centre” category, highlighting its focus on Islamic finance, captive insurance, digital financial services, and wealth management.

Ho Chi Minh City climbed 17 places in the same index, marking the second-largest rise among assessed centres. While the city ranks behind Singapore and Kuala Lumpur in Southeast Asia, it sits ahead of Bangkok, Jakarta, and Manila. The Strategy and General Affairs Department of Vietnam's International Financial Centre in Ho Chi Minh City noted that the jump reflects growing momentum, though challenges remain in the business environment pillar, specifically regarding anti-money laundering credibility.