GEORGE TOWN, June 18 — Penang is pressing ahead with the proposed Penang International Financial Centre (PIFC) as part of efforts to nurture more home-grown corporate champions, with its white paper expected to be completed by the end of July or early August this year.

Chief Minister Chow Kon Yeow said the document would provide a comprehensive framework for the centre’s development and outline practical steps to translate the initiative into reality.

“If we are serious about building local champions, we must also build the financial infrastructure that enables them to grow. That is why we are advancing the PIFC.

“High-growth companies require more than traditional financing. They need access to venture capital, private equity, cross-border investment networks and capital market expertise,” he said in his keynote address at the Penang Economic Forum 2026 here today.

The one-day forum was jointly organised by RHB Banking Group and Penang Institute.

Chow said the PIFC aims to attract capital inflows, support Penang’s technology ecosystem and provide local businesses with better access to funding and advisory services to innovate, expand internationally and eventually become publicly listed companies.

He said Penang was home to more than 6,500 manufacturing-related small and medium enterprises (SMEs) and over 350 multinational corporations, with many local companies already participating in global supply chains.

However, the next challenge was to help these SMEs move further up the value chain by becoming innovators, owning intellectual property, competing internationally and gaining access to capital markets.

“As at May 17, 2026, Penang had only 106 publicly listed companies. For a state that contributes so significantly to Malaysia’s exports and manufacturing output, I believe we can do better.

“Every successful listed company begins as an SME. The next SkyeChip, Pentamaster, ViTrox or regional technology champion may very well be sitting in this room today,” he added. — Bernama