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The Penang state government has announced that it has yet to decide on zoning and location for the proposed Penang International Financial Centre (PIFC), despite ongoing discussions with key regulators. Chief Minister Chow Kon Yeow revealed in a statement that discussions with Bank Negara Malaysia, the Securities Commission Malaysia, and the Labuan Financial Services Authority (LFSA) are ongoing to ensure any proposal is innovative, legally compliant, and aligned with the national Financial Sector Blueprint.

According to BERNAMA News Agency, these efforts are crucial to avoid overlap with existing value chains within the country's financial sector. Positioning Penang as a financial hub is a long-term aspiration to strengthen the state's economic foundations, aiming to develop Penang into a competitive and high-impact regional technology innovation hub.

Chow highlighted that although the federal government has yet to finalise a comprehensive fram ework, the state government, through its think tank Penang Institute, is committed to laying a strong foundation. Engagement sessions with potential industry players are set to continue in phases to build market confidence and assess the industry's needs.

Penang's unique strengths lie in its established ecosystem of high-technology industrial and manufacturing activities. Consequently, the state will focus on specialised financial segments such as digital assets, fintech, and manufacturing-related financial services, including supply chain financing, trade, risk management, and industrial innovation, as part of the direction for establishing the PIFC.