GEORGETOWN: PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC) has been appointed as the consultant to prepare the Penang International Financial Centre (PIFC) White Paper, Strategic Framework (Blueprint) and Action Plan, marking a key step towards establishing the state's proposed financial hub.
Chief Minister Chow Kon Yeow said the PIFC Task Force Committee formally agreed to appoint PwC. The letter of appointment was issued on June 15 and the firm subsequently returned its Letter of Acceptance, agreeing to all terms and conditions.
He said PwC had 20 weeks to complete three key documents that would form the foundation for the PIFC's establishment and development.
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"The three documents comprise the PIFC White Paper, which will outline the strategic rationale, regulatory framework and overall direction for the establishment of the PIFC; the Strategic Framework (Blueprint), covering governance, institutional readiness, infrastructure requirements, incentives and the financial services focus; and the Action Plan, which will detail the phased implementation, responsibilities, key performance indicators (KPIs) and accountability structure," he said in a statement on Monday (July 20).
He said PwC presented its latest progress report on the White Paper during the PIFC Task Force Committee meeting on Friday (July 17).
"Based on PwC's preliminary findings, the proposed PIFC is aligned with Penang's economic strengths, particularly its position in the global electrical and electronics (E&E) supply chain.
"This competitive advantage is expected to create opportunities to drive innovation in related industries while strengthening Penang's overall economic growth," he said.
Chow added that PwC had also been tasked with conducting engagement sessions with strategic partners, local and international industry players, regulatory authorities, academics and other stakeholders to ensure that the proposals are comprehensive, practical and aligned with the national technology ecosystem development strategy.
He said the state government appreciated the commitment of the PIFC Special Task Force Committee members, strategic partners and stakeholders for supporting the initiative and ensuring the policy framework is implemented according to schedule.
"We are confident that the PIFC will serve as a catalyst for developing a technology-driven financial ecosystem that will enhance the competitiveness and innovation of industries in the northern region while contributing to Penang's economic growth and the nation's future development," he said.
