GEORGE TOWN, JUNE 18 — Penang is continuing with plans to establish the Penang International Financial Centre (PIFC) as part of efforts to produce more champion local companies, with the initiative’s white paper expected to be completed by the end of July or early August this year.
Chief Minister Chow Kon Yeow said the document would provide a comprehensive development framework for the centre, as well as outline implementation steps to realise the initiative.
“If we are really serious about creating champion-level local companies, we also need to develop the financial infrastructure that will enable them to grow. That is why we are continuing to develop PIFC.”
“High-growth companies need more than conventional financing. They need access to venture capital, private equity, cross-border investment networks and capital market expertise,” he said when delivering his keynote address at the Penang Economic Forum 2026 here today.
The one-day forum was jointly organised by RHB Banking Group and Penang Institute.
Chow said PIFC aims to attract capital inflows, support Penang’s technology ecosystem and provide wider access to local businesses for financing and advisory services to enable them to innovate, expand operations internationally and subsequently be listed on the stock exchange.
He said Penang is home to more than 6,500 manufacturing-related small and medium enterprises (SMEs) as well as more than 350 multinational companies, with many local companies now part of the global supply chain.
However, the next challenge is to help SMEs move further up the value chain through innovation generation, intellectual property ownership, increased international competitiveness and better access to capital markets.
“As of May 17, 2026, Penang only has 106 publicly listed companies. For a state that contributes significantly to Malaysia’s exports and manufacturing output, I believe we are capable of achieving more than that.
“Every successful listed company started as an SME. SkyeChip, Pentamaster, ViTrox or the next regional technology company could be among the attendees in this hall today,” he said.
— BERNAMA
