GEORGE TOWN: Chief Minister Chow Kon Yeow turned 67 on Friday (Nov 14) — and he marked the occasion with quick wit and laughter in the Penang state assembly as he responded to queries on the state’s ambitious Penang International Financial Centre (PIFC).
Responding to a question from Gooi Hsiao-Leung (PH–Bukit Tengah), Chow began with a grin, “Since it is my birthday, if I’m allowed one wish in this Hall, I would wish for the financial centre to materialise immediately.”
His remark drew hearty laughter across the Hall.
“But wishes aside, this is still at a very early, pre-preliminary stage,” he said at the assembly on Friday.
“There is a long journey before anything resembling a financial centre becomes reality.”
The light mood continued when Teh Lai Heng (PH–Komtar) pointed out that Johor already had a financial zone while Penang, Malaysia’s high-tech pacesetter, did not.
Chow replied with a quip, “Johor may have a financial zone… but Johor doesn’t have char koay teow,” sending the House into laughter.
Chow then shifted to a more serious tone, explaining that Penang had submitted its proposal to the Finance Ministry for a Special Financial Zone focused on fintech, digital finance, data infrastructure and professional services but the ministry had informed the state that Malaysia currently had no policy to establish an international financial centre.
“The ministry informed us that there is no national framework for such a centre,” he said.
“And without that framework, a working group with the state, Bank Negara or related agencies cannot be formed.”
He said the state would nevertheless continue refining the proposal.
“We are not abandoning the idea. We are strengthening the model and exploring the digital-finance space that aligns with Penang’s strengths,” he said.
Chow described the envisioned PIFC as an innovation-driven financial ecosystem to support the state’s semiconductor-driven economy.
“We want venture capital, private equity and fintech innovators interacting directly with our high-tech industries,” he said.
“A digital-finance environment can catalyse R&D, chip design and advanced engineering.”
He stressed that such initiatives require patience.
“Some international financial centres take seven years just to get off the ground. This will not appear overnight,” he said.
On proposals to locate the centre on a 40ha site in Ampang Jajar, he said the state would not rush.
“We must carefully study the legal, financial and market implications, and ensure balanced development between the island and Seberang Perai,” he said.
He added that Penang Institute was conducting a feasibility study, alongside engagements with financial players, tech firms and developers.
“Our clearer direction now is fintech and digital finance — areas that won’t overlap with existing centres in Malaysia,” he said.
Chow said the project required careful planning, strong institutional support and long-term commitment, and that the state would continue exploring viable pathways despite the current federal position.
The House is meeting under the Second Meeting of the Third Session of the Fifteenth Penang State Legislative Assembly.
There will be 73 oral questions and 76 written ones lined up for the session.
The sitting continues through the week, with Chow scheduled to present the Penang Budget 2026 at 3pm on Friday.
