THE proposed Penang International Financial Centre (PIFC) marks a significant step forward for the state, positioning it as a key player in the financial industry while complementing its existing strengths in manufacturing and the electrical and electronics (E&E) sectors.
88 Captains chairman Datuk Seri Dr Ooi Eng Hock expressed his optimism regarding the initiative and commended the foresight of Prime Minister Datuk Seri Anwar Ibrahim and Penang Chief Minister Chow Kon Yeow for their support in driving Penang’s progress.
He emphasised that the PIFC would elevate Penang’s image and attract high-quality multinational corporations (MNCs) and E&E investors, not only from a financial perspective but across various service-based industries.
“Penang has long been renowned as the ‘Silicon Valley of the East’ due to its strong manufacturing base over the past 50 years.
“As time has passed, we have diversified into tourism and services, and about a decade ago, our Global Business Services (GBS) sector saw significant growth.
“Now, we are striving towards becoming a financial centre, and we are ready for it,” he told Buletin Mutiara recently.
Dr Ooi noted that Penang already has a strong talent pool in finance, accounting, law, and management, making it well-positioned to support the financial services industry.
However, he stressed that Federal support, particularly from Bank Negara and relevant authorities, would be crucial in ensuring the success of the project.
Currently in the preliminary stage, the PIFC concept is still being refined, with Penang Institute inviting Expressions of Interest (EOI) from stakeholders.
The state government is reportedly considering a 100-acre area, to develop the centre as a hub for nurturing local talent and enhancing service capabilities.
“This is about creating an ecosystem that will support the financial industry and encourage the development of high-value services.
“By focusing on service-based industries like finance, we have the opportunity to move out of the middle-income trap, raise wages in the sector, and increase the salary median in Penang,” Dr Ooi explained.
He also highlighted the importance of interlinking the PIFC with Penang’s existing GBS sector, which has played a crucial role in cultivating a skilled workforce.
He believes that with the right mechanisms in place, including modern infrastructure such as the upcoming Mutiara LRT Line, Penang will be well-equipped to support a thriving financial hub.
“This PIFC initiative is a game-changer – a big wave that can help retain talent in the northern region. It is another milestone that will propel Penang forward,” he said.
Dr Ooi concluded by reaffirming his confidence in Penang’s ability to establish itself as a major financial hub with the right support from both Federal and state governments.
“This is the way forward, step by step. With continued commitment and infrastructure development, Penang will not only enhance its financial sector but also strengthen its position as a key economic powerhouse for Malaysia,” he added.
Meanwhile, Penang Chinese Entrepreneurs Association president Dr Lee Eng Wah also voiced his strong support for the PIFC initiative, highlighting its potential to enhance Penang’s global competitiveness, attract international capital, and drive the integration of high technology and financial industries.
Source: https://www.buletinmutiara.com/paving-the-way-for-a-financial-future/
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