White paper for Penang financial centre due by early August, says Chow

GEORGE TOWN: The white paper for the Penang International Financial Centre (PIFC) is expected to be completed by late July or early August this year, says chief minister Chow Kon Yeow.

Speaking at the Penang Economic Forum 2026, Chow said Penang had only 106 public-listed companies (PLCs) as of May 17, a number that should increase given the state’s significant contributions to Malaysia’s exports and manufacturing output.

Chow said if Penang was serious about “building local champions”, it would need to build the financial infrastructure to enable their growth.

“High-growth companies require more than traditional financing. They need access to venture capital, private equity, cross-border investment networks, and capital market expertise.

“PIFC aims to attract capital inflows, support our technology ecosystem, and provide local businesses with better access to funding and advisory support needed to innovate, expand internationally, and eventually become PLCs.

“This (white paper) will provide a comprehensive framework to guide PIFC’s development and outline the practical steps needed to translate this vision into reality,” he said in his opening address at the forum, which was co-organised by RHB Group and Penang Institute at G Hotel here.

Proposed last year as part of a plan to grow Penang’s economy beyond factories and tourism, PIFC aims to bring in new types of businesses such as fund management, fintech, and wealth management, and to turn Penang into a regional financial hub like Labuan or Singapore.

In January, Chow said the state government was engaging with financial regulators to ensure that PIFC is legally compliant, aligned with national financial strategies, and does not overlap with existing financial ecosystems.

In March, the state government established a special task force to develop a white paper and a strategic action plan for PIFC to be submitted to the finance ministry later this year.