THE Penang government is seeking support from the Federal Government for the establishment of the Penang International Financial Centre (PIFC), a key initiative aimed at strengthening Malaysia’s position as a global financial and industrial hub.
A formal letter detailing the commitment to this initiative was submitted to Prime Minister Datuk Seri Anwar Ibrahim on March 13, 2025, outlining the state’s vision for financial innovation and economic growth.
The PIFC is expected to play a vital role in attracting capital inflows, fostering financial innovation, and reinforcing Malaysia’s semiconductor and high-tech industries.
This initiative is spearheaded by the Penang Institute through a Request for Expressions of Interest (EOI), aligning with Penang’s longstanding role as a global trading hub and its prominence in manufacturing and technology.
Penang Chief Minister Chow Kon Yeow underscored the importance of Federal Government collaboration in ensuring the success of the PIFC.
He emphasised that the financial centre would attract new sources of capital while complementing Malaysia’s existing financial hubs.
“This initiative will drive technological investments, create high-value employment opportunities, and contribute significantly to both national and state revenue,” he told a media conference at his office in Komtar today.
Also present at the media conference were Penang Infrastructure, Transport and Digital Committee chairman Zairil Khir Johari, state Local Government, Town and Country Planning Committee chairman Jason H’ng Mooi Lye, Penang Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu, and Penang Development Corporation chief executive officer Datuk Aziz Bakar.
He expressed optimism about working closely with the Federal Government to bring this vision to fruition.
The PIFC aims to advance the semiconductor sector in the Northern Corridor, in line with the New Industrial Master Plan (NIMP) 2030 and the National Semiconductor Strategy (NSS).
It will also support tech-driven investments in the region, introduce new financial innovations, diversify employment opportunities in the professional services sector, and enhance national and state revenue through improved productivity.
The Penang Institute has invited proposals from financial institutions, property developers, industry leaders, and investment firms through the EOI process. Interested parties can collect the EOI documents from the Penang Institute between March 17 and March 26, 2025, during office hours. The deadline for submission of proposals is 12pm on May 19, 2025.
For details, e-mail to [email protected]
Story by Christopher Tan
Pix by Ahmad Adil Muhamad
Video by Darwina Mohd Daud