GEORGE TOWN, January 26 — Penang Chief Minister Chow Kon Yeow today said the proposed Penang International Financial Centre (PIFC) remains a long-term aspiration, with no decisions made or locations finalised, as the state continues phased engagement with industry players to strengthen its economic foundation.
In a statement issued at Komtar, Chow stressed that the initiative is aimed at positioning Penang as a high-impact regional technology and innovation hub, with discussions ongoing at the highest levels with key regulators including Bank Negara Malaysia, the Securities Commission and Labuan Financial Services Authority.
To ensure any proposal is legally sound, aligned with national financial sector plans and avoids overlap. Leveraging Penang’s strong high-tech manufacturing ecosystem, the state intends to focus on niche segments such as digital assets, fintech and manufacturing-related financial services.
Including supply chain financing and industrial innovation.
