A STATE assemblyman here has proposed the setting up of a state-owned bank, specifically to support infrastructure projects, the industrial sector, as well as supporting urban renewal and tourism.
He said this proposal should be considered while the Penang government continues to collaborate with the Finance Ministry over the establishment of a working group to study the proposed Penang International Financial Centre (PIFC).
Joshua Woo Sze Zeng (PH – Pulau Tikus) suggested that a brand new Penang Development Bank could potentially be a game changer where the state’s economy is concerned, citing the DBS Bank, headquartered in Singapore, which offers a wide range of banking services in Southeast Asia.
“If materialised, this proposed Penang Development Bank will be able to provide financing (through loans and equity participation) for infrastructure projects, the industrial sector, as well as supporting urban renewal and tourism.
“With good governance and best law practices aligned with Bank Negara Malaysia’s policies, this bank, if made a reality, has the potential to further boost the state’s financial status, ultimately providing a strategic financing platform to upscale the overall state’s economy.
“As a reference, we can look at DBS Bank, which has grown to be a key development bank in Southeast Asia today,” Woo said in his debate speech during the State Legislative Assembly Sitting in Light Street today.
Separately, he welcomed the proposal of setting up a nature education centre in Jalan D.S. Ramanathan in Pulau Tikus, which was mentioned in the Penang 2026 State Budget.
“This centre will be key to enable easy access for the public to learn about sustainable living, ramping ecology education, and promoting green businesses in Penang,” he added.
On another matter, Woo also remarked positively on the state government’s initiative to install 5,000 closed-circuit television (CCTV) units by 2030 to enhance public safety.
“As I raised in this state assembly last year, Penang still lacks sufficient CCTV coverage.”
“For comparison, cities such as Seoul have an average of 230 CCTV cameras per square kilometre, Singapore 143, London 68, and Kuala Lumpur 20, whereas Penang currently has only around 2 CCTV cameras per square kilometre,” he emphasised.
Woo noted that there are currently about 70 CCTV units installed in the Pulau Tikus area.
He urged the Penang Island City Council (MBPP) to install at least 30 additional cameras in high-risk locations.
“This will allow us to reach a minimum target of 100 CCTV units in Pulau Tikus by next year, thereby strengthening overall public safety and security,” Woo said.
Story by Kevin Vimal