Do we really need another financial centre?

Malaysia already has Kuala Lumpur as a the country’s financial centre.

IT is always heartening to see a display of ambition, with the latest being the Penang state calling for expression of interest to set up the Penang International Financial Centre (PIFC).

It is surely going to be a grandiose project with Penang’s chief minister reportedly saying that the PIFC aligns with Penang’s position as a global trade hub, particularly in the semiconductor and high-tech sectors.