GEORGE TOWN, March 20 — The Penang government will establish a Special Task Force Committee to drive the development of the Penang International Financial Centre (PIFC), adopting a “whole-of-state” approach.
Chief Minister Chow Kon Yeow said the committee, chaired by himself, will coordinate efforts among key state agencies, federal bodies, and private sector representatives to realise the initiative.
The task force will prepare a White Paper and strategic blueprint for submission to the Ministry of Finance by the third quarter of this year.
The PIFC aims to position Penang as a technology and financial hub, supporting industries such as semiconductors and fintech.
While the project may take up to 20 years to fully develop, initial groundwork, including regulatory and institutional frameworks, is expected to begin soon.
