The Penang government has appointed PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC) as consultant to prepare a white paper, strategic blueprint and action plan for the proposed Penang International Financial Centre (PIFC) — as reported by The Star, EdgeProp and Bernama.
Chief Minister Chow Kon Yeow said the PIFC Special Task Force Committee approved PwC’s appointment, with the letter of appointment issued on 15 June and the firm returning its Letter of Acceptance shortly after.
PwC has been given 20 weeks to complete three key documents that will form the foundation for the financial hub’s establishment and development. The first document, the PIFC White Paper, will outline the strategic rationale, regulatory framework and overall direction for the initiative. The Strategic Framework (Blueprint) will cover governance, institutional readiness, infrastructure requirements, incentives and the structure of financial services that will shape the PIFC. The Action Plan will detail the phased implementation, including responsibilities, key performance indicators and accountability structures.
Chow said PwC presented a progress report on the white paper during the PIFC Special Task Force Committee meeting on 17 July. Preliminary findings showed the proposed PIFC would build on Penang’s strengths in the global electrical and electronics (E&E) supply chain.
“Based on PwC’s preliminary findings, the proposed PIFC is aligned with Penang’s economic strengths, particularly its position in the global electrical and electronics (E&E) supply chain,” Chow said, as quoted by The Star.
The chief minister said this competitive advantage is expected to create opportunities for the state to drive innovation in related industries while strengthening Penang’s overall economic growth.
PwC has also been tasked with conducting engagement sessions with strategic partners, local and international industry players, regulatory authorities, academics and other stakeholders. This is to ensure the proposals are comprehensive, practical and aligned with the country’s technology ecosystem development strategy.
“The state government appreciates the commitment of all members of the PIFC special task force committee, our strategic partners and all parties that have continued to provide their cooperation and support in ensuring that the PIFC policy framework is implemented according to schedule,” Chow said.
He expressed confidence that the initiative would serve as a springboard for developing a technology-driven financial ecosystem, enhancing the northern region’s competitiveness while supporting Penang’s economic growth and contributing to the nation’s future development.
The Penang government previously said the proposed PIFC was part of its efforts to nurture more home-grown champion companies, with the white paper expected to be completed by the end of July or early August this year.
Chow had earlier said the document would provide a comprehensive development framework for the proposed financial centre while outlining the implementation roadmap.
