CHIEF Minister Chow Kon Yeow today chaired the inaugural meeting of the Penang International Financial Centre (PIFC) Task Force Special Committee, established to explore the setting up of the centre in the state.
He also presented letters of appointment to the 11 committee members, including State Secretary Datuk Seri Zulkifli Long and State Financial Officer Datuk Zairi Mat Ali at Komtar. Heads of several state and federal agencies and departments were also present, along with representatives from three housing developers.
The PIFC initiative is managed by the State Finance Department and the Penang Institute.
Chow, who heads the task force, said the committee’s primary role is to prepare a white paper and a strategic action plan (blueprint) to obtain the Federal Government’s consent and approval for the establishment of the PIFC.
“The committee is to accelerate the establishment of the PIFC through a “whole-of-state” approach by integrating both public and private sector stakeholders as key drivers in advancing its development,” he said.
He noted that earlier efforts focused on fact-finding missions with federal regulators, including the Ministry of Finance (MoF), the Ministry of Economy, the Ministry of Investment, Trade and Industry (Miti), Bank Negara Malaysia (BNM), and the Securities Commission Malaysia.
Describing it as a challenging and ambitious project, Chow said the PIFC initiative is envisioned to attract greater capital inflows, strengthen Malaysia’s financial innovation landscape, and support the nation’s semiconductor and advanced technology ecosystem.
He added that Penang must continue to diversify its economy beyond its traditional strengths — evolving from a manufacturing hub and a premier tourism destination into a digital economy centre.
Story by K.H. Ong
Pix by Law Suun Ting