PENANG needs an International Financial Centre (Technology) for upscaling, expansion and greater access to the global financial markets, said Chief Minister Chow Kon Yeow.
He appealed for the Finance Ministry to consider it in the proposal for the upcoming Budget 2027, which would be tabled in Parliament soon.
Chow said that financing remains an important missing piece in Penang’s global semiconductor ecosystem, despite acquiring a foundation over more than five decades in electrical and electronics.
While companies in the same industry inevitably compete with one another, Chow said collaboration is the way forward to strengthen the ecosystem and ensure all players can move up the value chain together.
“Our local companies need to be more confident and daring in accessing capital. “This includes equity financing, institutional investors and, where appropriate, the IPO route," he said.
Chow said Small and Medium Enterprises (SMEs) formed the backbone of the semiconductor ecosystem, adding that stronger links to multinational corporations (MNCs), technology, talent and capital can enable them to grow and become more competitive.
“If we connect them to MNCs, technology, talent and capital, we create a much stronger semiconductor ecosystem,” he said.
Chow said the centre is not intended simply to create another financial district or special economic zone, but to complement Penang’s existing industrial and technology ecosystem by ensuring companies have better access to capital. - August 20, 2026.
