GEORGE TOWN: The newly formed Penang International Financial Centre (PIFC) Task Force Special Committee has been established to explore the setting up of the centre in the state.
Chief Minister Chow Kon Yeow said the committee would play a key role in charting the direction of the proposed financial hub, including preparing a white paper and a strategic action plan to secure Federal Government approval.
“The committee’s primary role is to prepare a white paper and a strategic action plan (blueprint) to obtain the Federal Government’s consent and approval for the establishment of the PIFC,” he told Buletin Mutiara after chairing the inaugural meeting at Komtar on Monday (April 6).
Chow, who heads the task force, said the committee would adopt a “whole-of-state” approach by integrating both public and private sector stakeholders as key drivers in advancing the initiative.
“The committee is to accelerate the establishment of the PIFC through a whole-of-state approach by integrating both public and private sector stakeholders as key drivers in advancing its development,” he added.
During the meeting, Chow presented letters of appointment to 11 committee members, including state secretary Datuk Seri Zulkifli Long and state financial officer Datuk Zairi Mat Ali.
Also present were heads of several state and federal agencies and departments, as well as representatives from three housing developers.
The PIFC initiative is being managed by the state Finance Department and the Penang Institute.
Chow said groundwork for the initiative had already begun, including fact-finding engagements with federal regulators such as the Finance Ministry, Economic Ministry, Investment, Trade and Industry Ministry, Bank Negara Malaysia and the Securities Commission Malaysia.
Describing the initiative as both challenging and ambitious, he said the PIFC is envisioned to attract greater capital inflows, strengthen Malaysia’s financial innovation landscape and support the country’s semiconductor and advanced technology ecosystem.
Chow added that Penang must continue to diversify its economy beyond its traditional strengths.
“Penang must evolve from a manufacturing hub and a premier tourism destination into a digital economy centre,” he said.
