PETALING JAYA: The Penang government is engaging with financial regulators to ensure that the proposed Penang International Financial Centre (PIFC) is legally compliant, aligned with national financial strategies, and does not overlap with existing financial ecosystems.
Chief minister Chow Kon Yeow today described “high-level discussions” with regulators such as Bank Negara Malaysia, the Securities Commission Malaysia and the Labuan Financial Services Authority as a critical early step to ensure that the initiative, which is still conceptual, is developed responsibly and in line with federal policy priorities.
He reiterated that no decisions had been made on the establishment of the PIFC, including the location of a designated zone. The PIFC is estimated to involve the development of almost 100 acres.