The Penang government, through Penang Institute, has launched a call for Expressions of Interest (EOI) to establish the Penang International Financial Centre (PIFC)—a strategic initiative aimed at diversifying the state’s economy beyond its traditional strengths in manufacturing, tourism, and general services. [1] The proposed PIFC will not only serve as a financial hub inspired by global counterparts but also function as a catalyst for high-value ecosystems, including creative industries and niche business services.
By attracting capital for semiconductor growth and supporting tech-driven investments, the PIFC aligns with national frameworks such as the National Industrial Master Plan (NIMP) 2030 and the National Semiconductor Strategy. These frameworks emphasise the importance of high-skilled, innovation-led economic growth—conditions under which creative and knowledge-based sectors naturally thrive. Design thinking, branding, digital content creation, fintech, marketing, and consultancy services are examples of creative business services that are expected to flourish alongside the financial and technological pillars of the Centre.
A 40.4-hectare site is being considered for development, offering potential co-location opportunities for finance, technology, and creative startups to collaborate and grow. This integration supports the emergence of a vibrant, interconnected ecosystem—where finance meets creativity and innovation.
Chief Minister Chow Kon Yeow has emphasised the importance of federal collaboration, noting the PIFC’s potential to attract international investment, generate high-value jobs, and enhance both national and state-level revenues. The Securities Commission Malaysia (SC) has expressed interest in the proposal and recently discussed it with the Chief Minister and representatives from Penang Institute.
The state government has formally submitted a formal proposal to Prime Minister Anwar Ibrahim to seek federal support for this ambitious project. Stakeholders with strong financial capabilities—including financial institutions, developers, and investors—are invited to submit EOIs by May 19, 12pm. Inquiries can be directed to pifc@penanginstitute.org. [2]
Footnotes
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Dermawan, A. (2025). Penang calls for proposals to establish financial hub, a strategic move for economic growth. New Straits Times, March 19. https://www.nst.com.my/news/nation/2025/03/1190350/penang-calls-proposals-establish-financial-hub-strategic-move-economic.
- Tan, C. (2025). Push for Penang financial hub. Bulletin Mutiara, May 1-15.