Penang: The Penang government has appointed PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC) as the consultant to develop a White Paper, Strategic Blueprint, and Action Plan for the proposed Penang International Financial Centre (PIFC). This initiative aims to lay the groundwork for establishing an international financial hub in the region.
According to BERNAMA News Agency, Chief Minister Chow Kon Yeow announced that the Penang International Financial Centre (PIFC) Special Task Force Committee approved PwC's appointment. The consultancy received its appointment letter on June 15 and has been allocated 20 weeks to complete the key documents. PwC's responsibilities include preparing the PIFC White Paper to outline the strategic rationale, regulatory framework, and direction for the initiative, along with a Strategic Blueprint and Action Plan that covers governance, infrastructure, incentives, and phased implementation.
Chow also mentioned that PwC presented a progress report on the White Paper to the committee during a meeting on July 17. Preliminary findings indicate that the proposed PIFC will leverage Penang's strengths in the global electrical and electronics (E and E) supply chain, creating opportunities for innovation and strengthening the state's economic growth.
PwC has been tasked with engaging strategic partners, local and international industry players, regulators, academics, and other stakeholders to ensure the proposals are comprehensive and aligned with the country's technology ecosystem development strategy. Chow expressed appreciation for the commitment of the PIFC Special Task Force Committee, strategic partners, and all parties involved in supporting the initiative's policy framework.
The Chief Minister expressed confidence that the PIFC would catalyse the development of a technology-driven financial ecosystem, enhancing competitiveness in the Northern Region while supporting Penang's economic growth and contributing to national development. The Penang government had previously indicated that the PIFC was part of efforts to nurture home-grown champion companies, with the White Paper expected to be completed by the end of July or early August.
Chow highlighted that the document would provide a comprehensive development framework for the financial centre and outline the implementation roadmap for the initiative.