CHIEF Minister Chow Kon Yeow said the state government will continue to pursue its proposal to establish the Penang International Financial Centre (PIFC) despite the Finance Ministry’s (MOF) view that it is not the right time to set up such an initiative.
Chow, who raised the matter during his debate on the National Budget 2026 in Parliament yesterday, said the ministry had responded that there were no specific plans yet to establish the PIFC.
“While the MOF stated that it is not the time yet and that there are no concrete plans to form the centre, we will continue our efforts to convince the Federal Government that this project can serve as a catalyst not only for Penang but also for the nation’s economy,” he told reporters after attending the American Malaysian Chamber of Commerce (AmCham) Dialogue 2025 at the Iconic Marjorie Hotel earlier today.
Chow added that Penang’s broader goal remains to contribute to Malaysia’s overall development and well-being, consistent with the state’s role as a key driver of national growth.
Story by Kevin Vimal
Pix by Alissala Thian
Video by Darwina Mohd Daud