Penang eyes one-year timeline for technology finance centre, plans implementation office
GEORGE TOWN, Oct 30 — The Penang government hopes to establish the proposed Penang Technology Finance Centre (PTFC...
Penang, aiming to establish the Penang Technology Finance Centre (PTFC) within a year, announced Chief Minister Chow Kon Yeow's expectations to the state legislative assembly today. Originally targeting a two-year timeline, the chief minister acknowledged the need for expedited action after receiving feedback from constituents and federal agencies.
An implementation office for the PTFC is to be created to pool resources and collaborate with stakeholders. The state had previously considered becoming an international financial center but shifted focus to leverage its technology prowess. The White Paper submitted to the federal government emphasizes Penang's potential as a technology hub, garnering national recognition for the proposed center.
Penang's strategy aims to bolster its technology ecosystem and stimulate economic growth through collaboration with other sectors, including SMEs and universities. Interest from international parties has already been expressed, with the potential to further strengthen the state's development. The government seeks to finalize the governance structure for a RM100 million strategic fund by year-end, providing support for the technology and semiconductor sectors.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
