Penang establishes a special task force to develop a white paper for its proposed international financial centre, targeting submission to the Ministry of Finance by the third quarter

GEORGE TOWN: Penang will establish a Special Task Force Committee to advance plans for a Penang International Financial Centre (PIFC).

Chief Minister Chow Kon Yeow said the decision, made at a state executive council meeting, reinforces the state’s commitment to the initiative.

“I will chair the committee, while the State Secretary (Datuk Seri Zulkifli Long) will serve as deputy chairman,” he told a press conference.

Members will include the state financial officer, legal adviser, and representatives from state and federal agencies as well as the private sector.

The committee will be jointly managed by the state finance department and Penang Institute.

Its initial task is to prepare a White Paper and strategic action plan for submission to the Ministry of Finance by the third quarter of this year.

Chow said the PIFC aims to position Penang as a technology and financial nexus hub.

It is designed to support the semiconductor industry with services like supply chain financing and Islamic fintech.

The move aligns with efforts to strengthen Penang’s role as a major electrical and electronics hub.

He said the PIFC’s full development could take up to 20 years, but initial implementation can start soon.

The first task force meeting is scheduled for April 1 to begin detailed planning.

The location for the centre has not been finalised and is subject to further study and federal approval.

Three island-based companies have already submitted proposals through an expression of interest process.

Penang submitted a letter of intent to the ministry regarding the PIFC proposal in March last year.

The ministry initially gave a neutral response, stating no national policy existed for a new financial centre.

However, Chow said recent developments indicate a more positive federal response.

The federal government has requested a clear policy framework and comprehensive stakeholder engagement.

 The Sun Malaysia