Business · Malaysia Bureau
Penang seeks federal support for international financial centre plan
The Penang state government is appealing for federal backing to establish a proposed international financial centre as part of Budget 2027 allocations. Officials believe the initiative could strengthen the state's position as a regional economic hub.
LSN Malaysia ·
GEORGE TOWN — Penang is pushing for federal government endorsement of its planned international financial centre (PIFC) ahead of the 2027 budget announcement, according to state officials. The initiative is being presented as a key economic development project that could attract regional investment and create high-value employment opportunities in the state. Penang's leadership has indicated that federal financial support and policy backing will be crucial to realising the project's full potential. The proposed centre is intended to position Penang as a competitive financial services destination within Southeast Asia, complementing the state's existing strengths in technology, manufacturing, and tourism sectors. Details on the centre's operational model, location, and expected investment requirements are expected to be refined following formal federal consultations. The state government has indicated it will present a comprehensive proposal to federal authorities for consideration in the upcoming budget cycle.