GEORGE TOWN: Penang will submit its strategic blueprint and action plan for the proposed Penang Technology Financial Centre (PTFC) to the Finance Ministry next month, says Chief Minister Chow Kon Yeow.
Chow said his officers and representatives from the state's finance department would contact the Finance Ministry to take further steps in advancing the proposal.
"They will begin engaging with the Finance Ministry.
"We will submit the action plan and the papers required in November," he said at a press conference held during the date announcement for the Penang International Science Fair at Wisma Yeap Chor Ee here on Thursday (Oct 22).
Chow said further discussions with senior ministry officials were expected after the Budget 2027 debate and approval process is completed.
"The discussions will focus on initiating the necessary work to implement the proposal.
"The proposed centre has also been referred to as the National Technology Financial Centre during discussions, and we are open to establishing the initiative as a national-level centre.
"However, we are still using the temporary name for now," he added.
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.
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, electrical and electronics and artificial intelligence sectors.
In June this year, the state appointed PricewaterhouseCoopers Advisory Services Sdn Bhd to prepare a white paper, strategic blueprint and action plan for the proposed centre.
On 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.
