THE Penang government remains steadfast and optimistic in pursuing the establishment of the Penang International Financial Centre (PIFC), despite the Finance Ministry’s (MoF) view that the timing may not yet be ideal.
Chief Minister Chow Kon Yeow said that although the state has not yet received the ‘blessing’ from MoF, discussions have already been held to strategise the next course of action.
“We will continue with this effort. It is not something that can be achieved overnight. Just like the LRT project where we fought for almost 10 years before finally obtaining federal approval,” Chow told reporters today.
He added that the next step involves requesting the three shortlisted companies to submit more comprehensive proposals detailing their financial services offerings for the PIFC.
“This marks the next milestone – to gather deeper insights into how the financial centre can be actualised,” he added.
The PIFC is envisioned to attract greater capital inflows, strengthen Malaysia’s financial innovation landscape, and support the nation’s semiconductor and advanced technology ecosystem.
Driven by Penang Institute through a Request for Expressions of Interest (EOI) exercise, the initiative aligns with Penang’s historical position as an international trading hub, and its rising status as a global centre for manufacturing and technology.
Ultimately, the PIFC represents a long-term strategic aspiration to position Penang as a trusted regional financial hub supported by strong digital infrastructure, fintech innovation, green finance, and world-class professional services.
Story by Riadz Akmal
Pix by Siti Nuratikah Rahmat
Video by Law Suun Ting