Penang welcomes 2027 Budget backing for proposed tech finance hub
GEORGE TOWN: Penang has welcomed the federal government’s backing for its proposed Penang Technology Financial Centre (PTFC), saying the move would strengthen the state’s technology ecosystem and support its push towards higher-value industries.
George Town, Penang: The federal government has endorsed the proposed Penang Technology Financial Centre (PTFC), signalling support for the state's push towards a technology-driven economy. Chief Minister Chow Kon Yeow hailed the recognition, particularly for its potential to bolster the E&E and semiconductor sectors. The state submitted the PTFC White Paper to the Finance Ministry on September 23 and plans to submit the Strategic Blueprint and Action Plan by November.
The initiative, backed by a RM100 million fund established by Khazanah Nasional Bhd and InvestPenang, aims to establish Penang as a national technology hub. Prime Minister Anwar Ibrahim announced the government's plans to develop Penang as a tech hub in his 2027 Budget speech. Chow emphasized that the PTFC aligns with Malaysia's National Semiconductor Strategy and could generate three key economic benefits: reinforcing local manufacturing, transitioning Penang to higher-value activities, and enhancing Malaysia's IP and technological capabilities.
The initiative will also foster opportunities in advanced technology, innovation, and knowledge-based industries, supporting the "Made in Malaysia" vision. The state government pledged to collaborate with the federal government to turn the PTFC initiative into new economic opportunities, bolster local industries, and enhance Malaysia's competitiveness on the global technology stage.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
