GEORGE TOWN (July 26): The proposed establishment of the Penang International Financial Centre (PIFC) is currently at the engagement stage with the federal government, Bank Negara Malaysia (BNM) and the Securities Commission (SC).
Chief Minister Chow Kon Yeow said the think tank, Penang Institute, was given the role to initiate the expression of interest process last March, and the results had already been presented to the state’s Cabinet.
“As a long-term plan to sustain the state’s continuous growth, the proposed PIFC project will be realised, which includes the development of a site measuring almost 100 acres (40.46 hectares) and involves various financial facilities and supporting infrastructure.
“This includes fund management, an international convention centre, high-end banking services, a fintech free trade zone and a logistics hub,” he said in his speech at the investiture of the state awards, medals and honours at Dewan Seri Pinang here on Saturday.
The ceremony, which was held in conjunction with the Penang Governor Tun Ramli Ngah Talib’s 84th birthday celebration, saw 280 individuals being honoured with the state’s awards, medals and honours.
Chow said PIFC aims to attract new capital flows to strengthen the semiconductor sector in the Northern Corridor, in line with the New Industrial Master Plan (NIMP) 2030 and the National Semiconductor Strategy (NSS).