PwC to prepare white paper on Penang International Financial Centre, says CM

GEORGE TOWN (July 21): 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), which will serve as the foundation for establishing the international financial hub.

Chief Minister Chow Kon Yeow said the Penang International Financial Centre (PIFC) special task force committee had approved PwC’s appointment, with the letter of appointment issued on June 15 and the consultancy given 20 weeks to complete the three key documents.

“PwC will prepare the PIFC White Paper, which will set out the strategic rationale, regulatory framework and direction for the initiative, as well as the strategic blueprint and action plan covering governance, infrastructure, incentives and the phased implementation of the PIFC,” he said in a statement yesterday.

Chow said PwC presented a progress report on the white paper to the committee at its meeting on July 17, adding that preliminary findings showed the proposed PIFC would build on Penang’s strengths in the global electrical and electronics (E&E) supply chain.

He said the initiative would also create opportunities for Penang to drive innovation in related industries and further strengthen the state’s economic growth.

Chow said PwC had also been tasked with engaging strategic partners, local and international industry players, regulators, academics and other stakeholders 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,” he said.

He expressed confidence that the initiative would catalyse the development of 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 said the document would provide a comprehensive development framework for the proposed financial centre while outlining the implementation roadmap for the initiative.

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