Penang Worldwide Monetary Centre nonetheless at exploratory stage

The Penang state authorities has clarified that the proposed Penang Worldwide Monetary Centre (PIFC) stays a long-term aspiration, with no selections finalised up to now, together with the situation of any designated PIFC zone.

In an announcement responding to remarks by Bagan Member of Parliament Lim Guan Eng, the state authorities mentioned it has taken observe of all views expressed on the matter. It careworn that the initiative continues to be at an exploratory stage and types a part of a broader imaginative and prescient to strengthen Penang’s financial basis by positioning the state as a aggressive, high-impact regional know-how and innovation hub.

The state authorities acknowledged {that a} complete nationwide framework for the initiative has but to be finalised by the federal authorities. However, it mentioned Penang, by its assume tank Penang Institute, stays dedicated to laying the groundwork by conducting phased and structured engagement periods with potential {industry} gamers. These engagements are geared toward constructing market confidence and higher understanding the precise wants of the monetary sector.

On the similar time, high-level discussions are ongoing with key regulators, together with Financial institution Negara Malaysia, Securities Fee Malaysia and the Labuan Monetary Providers Authority. The target is to make sure that any proposals put ahead are modern, legally compliant, aligned with the nationwide Monetary Sector Blueprint, and don’t overlap with present monetary ecosystems.

The assertion additionally highlighted Penang’s distinctive energy in its long-established high-technology industrial and manufacturing ecosystem. Constructing on this benefit, the state intends to deal with specialised monetary segments equivalent to digital property, monetary know-how (fintech), and manufacturing-related monetary providers. These embrace provide chain financing, commerce finance, danger administration and industry-driven innovation as a part of the potential PIFC course.

The state authorities reiterated that each one engagements and planning efforts will proceed to be carried out prudently and progressively.

ADVERTISEMENT