The Penang government has appointed PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC) to prepare the key policy documents for the proposed Penang International Financial Centre (PIFC), marking a significant step towards establishing the state as a technology-driven financial hub.

Chief Minister Chow Kon Yeow said PwC was officially appointed on June 15 after receiving approval from the PIFC special task force committee. The consultancy has been given 20 weeks to complete three core documents — the PIFC White Paper, a strategic blueprint and an action plan.

According to Chow, the White Paper will outline the strategic rationale, regulatory framework and overall direction for the initiative, while the blueprint and action plan will cover governance, infrastructure, incentives and phased implementation.

At a task force meeting on July 17, PwC presented its progress on the White Paper. Preliminary findings indicate that the proposed financial centre will leverage Penang’s established position in the global electrical and electronics (E&E) supply chain, while creating opportunities to drive innovation in related industries and strengthen long-term economic growth.

PwC has also been tasked with engaging regulators, academics, industry players and strategic partners from both Malaysia and abroad to ensure the proposals are comprehensive, practical and aligned with the country’s technology ecosystem.

Chow expressed confidence that the PIFC would catalyse the development of a technology-driven financial ecosystem, enhance the competitiveness of the northern region and contribute to Malaysia’s future economic development.

The state government has previously said the PIFC initiative aims to nurture more home-grown champion companies. The White Paper, expected to be completed by the end of July or early August, will provide a comprehensive development framework and implementation roadmap for the proposed international financial centre.