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THE state government hopes that Penang's request to establish the Penang Technology Financial Centre (PTFC), in collaboration with the Federal Government, will be among the good news received ahead of the Budget 2027 presentation this Friday.
Chief Minister Chow Kon Yeow stated that the proposal to establish the PTFC was submitted to leverage the strengths of Penang and the northern region as the nation's hub for electrical and electronics (E&E) and semiconductors.
"So, we sincerely hope that, in addition to the projects I mentioned earlier, Budget 2027 will also bring good news, particularly regarding our request to establish the PTFC," he said during a press conference today.
According to Chow, the state government had previously submitted a proposal to the Ministry of Finance (MOF) to establish the Penang International Financial Centre (PIFC).
However, following a series of discussions, the proposal's name and focus were shifted to PTFC.
He explained that this change was made to focus on the state's strengths in the technology sector, specifically the E&E and semiconductor industries, which also involve other states in the northern region.
“The existence of the PTFC is crucial for providing access to capital, helping small and medium enterprises (SMEs) and local companies expand their respective businesses.
“In this regard, we want more startups and SMEs in this sector to gain access to capital so they can expand their operations,” he said.
In a related development, Chow said that the state government has also submitted a list of 10 priority projects for consideration under the Second Rolling Plan (RP2) of 2027—part of the 13th Malaysia Plan (RMK-13) to the Ministry of Finance (MOF) last February.
He noted that out of the 10 projects, seven have been accepted for consideration by the Federal Government, including the Groundwater Resource Mapping and Assessment in Penang, the Penang STEM Talent Blueprint, and the proposed construction of the Teluk Kumbar Public Market Complex on Lot 908, Jalan Teluk Kumbar, among others.
“All these projects are important to Penang; however, the state government understands the Federal Government's financial position and acknowledges that priority must be given to projects deemed essential for immediate implementation,” he said. – October 7, 2026
