Summary
- Financial hub renamed Penang Technology Financial Centre.
- Proposal submitted to the Finance Ministry.
- Penang hopes for support in Budget 2027.
GEORGE TOWN, October 9 — Penang has renamed its proposed International Financial Centre as the Penang Technology Financial Centre to reflect the state’s strength in semiconductors and technology.
Chief Minister Chow Kon Yeow said a white paper was submitted to the Finance Ministry in September following discussions with Prime Minister Anwar Ibrahim.
The proposed centre would improve access to capital for startups, SMEs and local technology companies seeking to expand alongside multinational semiconductor and AI companies.
Chow said the state hopes Budget 2027 will bring positive news on establishing the centre jointly with the federal government.
