THE purpose of preparing a white paper for the Penang International Financial Centre (PIFC) is to outline strategic and economic rationale, as well as the overall development direction, says Chief Minister Chow Kon Yeow.
Chow noted that a key focus of the PIFC white paper will be Penang’s strategic position as a financial hub within the ASEAN market.
“The strategic action plan will focus on the implementation roadmap, detailing key measures, timelines and critical dependencies to ensure a structured and effective execution process,” Chow (PH–Padang Kota) said in response to an oral question by Gooi Hsiao-Leung (PH-Bukit Tengah), who sought an update on the PIFC during the Penang State Legislative Assembly sitting today.
He added that the core policy components being formulated for the PIFC will include several major frameworks:
• Regulatory and Governance Framework: Ensuring compliance with international standards and transparent governance practices.
• Incentive Framework: Offering competitive packages to attract investments and participation from financial institutions.
• Infrastructure and Innovation Framework: Strengthening both physical and digital infrastructure to support a modern financial ecosystem.
• Human Capital and Livability Framework: Nurturing local talent while creating a conducive environment for a skilled workforce.
• Market Deepening and Specialisation Framework: Targeting selected financial sectors that align with Penang’s economic strengths.
Chow also announced that a consultant will be appointed to prepare the PIFC white paper, with the consultant expected to be named within the next one to two weeks.
“It is estimated that three to four months will be required to complete the white paper and related references for the PIFC before submission for further action,” he said.
In response to a supplementary question from Lee Khai Loon (PH-Machang Bubuk) regarding consultancy service allocation, Chow explained that the appointment and payment of consultants will be managed by the selected companies, which will collectively bear the consultancy costs until the report is completed and submitted.
Story by Riadz Akmal