PENANG still needs a special financial zone, similar to the one in Forest City, Johor, to attract foreign funds and investment in areas such as cryptocurrency trading, financial technology (fintech) and digital finance.
Lim Guan Eng (PH-Air Putih), during his debate at today’s State Legislative Assembly sitting, proposed establishing the zone on a 40ha site in Ampang Jajar, between the Bagan and Permatang Pauh parliamentary constituencies.
He said Ampang Jajar is also close to public transport facilities, including the proposed Penang Sentral LRT station, which is expected to be completed in 2032.
Apart from catalysing development on the mainland, he said the proposal will help promote more balanced development between urban and semi-urban areas, as well as between the island and the mainland.
Lim noted that it was timely for Prime Minister Datuk Seri Anwar Ibrahim to approve a RM100 million strategic fund to position Penang as the national technology finance centre.
However, he said the proposed Penang Technology Finance Centre (PTFC), which focuses on technology, start-ups and artificial intelligence (AI), could not accommodate all these activities.
“Let the Penang Technology Financial Centre be established on the island, while the special financial zone is located in Ampang Jajar,” he said.
He said the PTFC aims to capitalise on Penang’s strengths in advanced technology and support the growth of the technology sector.
“This will enable our country and state to leverage existing technological advantages to expand our digital footprint, artificial intelligence (AI) capabilities and new forms of trade.”
Story by K.H. Ong