GEORGE TOWN: A strategic blueprint and action plan for the proposed Penang Technology Financial Centre (PTFC) will be submitted to the Finance Ministry by November, says Chief Minister Chow Kon Yeow.
He said the documents would outline the centre's objectives, implementation strategies and measures needed to turn the proposal into reality.
"Following its recognition under Budget 2027, the state will continue discussions with the Finance Ministry on setting up a Federal-State Joint Committee to coordinate the initiative.
"The committee will help both governments work out the implementation details and follow-up measures.
"We welcomed the Federal government's recognition of Penang as the country's technology financial centre.
"It will help strengthen the state's electrical and electronics (E&E) and semiconductor industries," he said in a statement on Saturday (Oct 10).
Under Budget 2027, Prime Minister Datuk Seri Anwar Ibrahim announced that Khazanah Nasional and InvestPenang would establish a RM100mil strategic investment fund to support semiconductor and advanced manufacturing companies in their early stages of growth.
Chow said the state submitted a white paper on the PTFC to the Finance Ministry on Sept 23 (2026).
He said the proposed centre was in line with the National Semiconductor Strategy, which aims to strengthen Malaysia's position in the global semiconductor supply chain.
"The PTFC could help local manufacturers supporting the E&E and semiconductor sectors develop more advanced capabilities and move up the technology value chain.
"It could create opportunities in advanced technology, innovation and knowledge-based industries, allowing Penang to move towards higher-value economic activities.
"The initiative could support Malaysia's efforts to develop its own intellectual property and technological capabilities, particularly in hard technology and deep technology.
"This would contribute towards the country's ambition of producing more technology under the "Made by Malaysia" vision," he said.
The PTFC was previously proposed as the Penang International Financial Centre (PIFC), with the state government calling for expressions of interest in March 2025.
The proposal was later refined to focus on financing technology development, particularly in the semiconductor, E&E and artificial intelligence sectors.
In June, the state appointed PricewaterhouseCoopers Advisory Services Sdn Bhd to prepare a white paper, strategic blueprint and action plan for the proposed centre.
On Wed(Oct 7), Chow confirmed that the proposal had been renamed PTFC following discussions and feedback to better reflect Penang's strengths as a technology and semiconductor hub.
Meanwhile Chow welcomed the announcement of a National Integrated Care Centre of Excellence (NICE) in Penang.
"It is expected to be an important initiative in strengthening the state's preparedness to face the increasing elderly population.
"We are ready to assist in developing the centre which aims to provide training, research and a care facility for the elderly.
"The State Economic Planning Division (BPEN) will liase with the relevant ministries to work out the details and development plan as there has not been further information, including its location and implementation in Penang.
"We welcome it and the state government will cooperate to ensure that this facility can be established in Penang," he said.
Chow said the increasing number of senior citizens in Malaysia requires targeted policy planning and programmes to ensure that the welfare and needs of this group can be met effectively.
"Penang is expected to achieve the status of an ageing state in the next few years and efforts to address these challenges are not only the government's responsibility but require the involvement of the private sector and the community.
"The state government, the private sector and the community must all be concerned about the ageing process and the status of the state's senior citizens, which certainly requires policies infrastructure, senior citizens' homes, awareness programmes, welfare and so on,"' he said.
