The Penang state government has clarified that the proposed Penang International Financial Centre (PIFC) remains a long-term aspiration, with no decisions finalised to date, including the location of any designated PIFC zone.

In a statement responding to remarks by Bagan Member of Parliament Lim Guan Eng, the state government said it has taken note of all views expressed on the matter. It stressed that the initiative is still at an exploratory stage and forms part of a broader vision to strengthen Penang’s economic foundation by positioning the state as a competitive, high-impact regional technology and innovation hub.

The state government acknowledged that a comprehensive national framework for the initiative has yet to be finalised by the federal government. Nevertheless, it said Penang, through its think tank Penang Institute, remains committed to laying the groundwork by conducting phased and structured engagement sessions with potential industry players. These engagements are aimed at building market confidence and better understanding the actual needs of the financial sector.

At the same time, high-level discussions are ongoing with key regulators, including Bank Negara Malaysia, Securities Commission Malaysia and the Labuan Financial Services Authority. The objective is to ensure that any proposals put forward are innovative, legally compliant, aligned with the national Financial Sector Blueprint, and do not overlap with existing financial ecosystems.

The statement also highlighted Penang’s unique strength in its long-established high-technology industrial and manufacturing ecosystem. Building on this advantage, the state intends to focus on specialised financial segments such as digital assets, financial technology (fintech), and manufacturing-related financial services. These include supply chain financing, trade finance, risk management and industry-driven innovation as part of the potential PIFC direction.

The state government reiterated that all engagements and planning efforts will continue to be conducted prudently and progressively.

Source: Google Street View

Traffic diversion works will be implemented along Jalan Sultan Azlan Shah towards George Town starting today to facilitate construction works for the Penang LRT Mutiara Line.

According to Penang City Councillor Chan Soon Aun of the Majlis Bandaraya Pulau Pinang (MBPP), the diversion involves the temporary closure of the leftmost lane from the vicinity of SJKC Kwang Hwa up to the Sungai Nibong Police Station, including the stretch in front of SJKC Shih Chung Branch. All other lanes will remain open to ensure traffic continues to flow as normally as possible.

Chan explained that the lane closure is necessary to allow the safe and orderly execution of CMC1 construction works under the Penang LRT project. Road user safety and smooth construction progress, he said, remain the top priorities throughout the implementation period.

To manage traffic and minimise disruption, warning signboards, traffic cones and flagmen will be stationed along the affected areas. A site visit was conducted on 23 January involving MBPP’s Engineering Department, Mass Rapid Transit Corporation Sdn. Bhd. (MRT Corp.), SRS LRT Sdn. Bhd., as well as representatives from the management of both schools.

Addressing concerns over school operations, Chan said early preparations have been made to safeguard students’ welfare and safety. As part of these measures, parents’ vehicles and school vans will be allowed to enter school premises for drop-off and pick-up throughout the construction period.

He expressed appreciation to the schools for their cooperation and appealed to the public for patience, acknowledging that short-term inconvenience is unavoidable. However, he stressed that the temporary disruption is aimed at delivering long-term improvements in public transport and urban mobility for Penang.

The Penang waterfront redevelopment plan requires close coordination between various stakeholders as it involves assets, heritage buildings and port management, said Transport Minister Anthony Loke Siew Fook.

He said at the Ministry of Transport (MOT) level, the project involved the Railway Assets Corporation (RAC) as the owner of Wisma Kastam or the Malayan Railway Building which has been standing since 1909.

According to him, the waterfront and marina are under the supervision of the Penang Port Commission, hence cooperation between federal and state agencies is very important to ensure orderly and comprehensive implementation.

Loke said the state government had made good progress in creating public spaces along the waterfront, in line with the aspirations of urban development based on the well-being of the people.

He said agencies under the MOT would continue to cooperate to expand public spaces and revive heritage buildings in the surrounding areas so that they could be used by locals and tourists.

“The bell of Wisma Kastam will resound again,” he said in a Facebook post today after receiving the latest briefing on the redevelopment plan for the area at the RAC Sentral Tower, Kuala Lumpur.

Loke also stressed the government’s commitment to preserving historical and heritage values ​​in the national development agenda.

During his visit to Penang on Jan 12, he touched on the development plan as a public-friendly waterfront area that will be implemented through a private financing initiative (PFI).

He said the goal is to create a pedestrian walkway of more than a kilometre, where people can enjoy the sea view, in addition to cafe and tourism facilities, thus making Penang a cruise ship tourism hub.

Source: Bernama

The long-planned refurbishment of Dewan Sri Pinang is moving closer to implementation, with the project now entering the design stage and construction works expected to commence later this year.

The refurbishment work includes a full makeover of the over 50-year-old multipurpose hall, which has been used to host various events such as state events, assemblies, and meetings. The refurbishment exercise is supervised by the Penang Development Corporation, while the design work is currently in progress. According to the State Government, the tender work is expected to begin sometime in July or August 2026.

Chief Minister Chow Kon Yeow stated that the refurbishment will go as planned, as the intention is to extend the functional life of this aging complex to be useful for official purposes in the long run.

He added that Dewan Sri Pinang will be functioning as usual until physical construction works commence.

State Secretary Zulkifli Long later confirmed that the renovation project is set to take approximately two years to complete after renovation works start, as the hall is scheduled to be ready again to accommodate official events.

Although specific design details remain under wraps, the renovation will likely include strengthening the structure of the building, internal spaces, and ancillary facilities to meet current operability and safety standards. Dewan Sri Pinang will continue to serve as one of the key civic and events venues in Penang after the refurbishment.

Penang Development Corporation (PDC) has called for proposals to purchase and develop a significant parcel of Penang State Government and PDC-owned land located within the George Town UNESCO World Heritage Site, marking one of the more notable redevelopment initiatives within the protected heritage zone.

According to the Request for Proposal (RFP), the project involves land situated in Section 23, Northeast District, Penang Island. The tender is open to both local and international companies or consortiums.

Interested parties may purchase the RFP document from 26 January to 26 February 2026, at a non-refundable fee of RM5,000. The documents can be obtained from PDC’s Property Development & Management Division in Bayan Lepas, with payment made via online transfer. Upon confirmation of payment, the RFP may also be issued electronically.

PDC has indicated a departmental indicative price of RM343.73 million for the land. However, it emphasised that this figure is an estimate only and is not binding, nor does it guarantee project award or completion based on the stated amount.

Tenderers are expressly prohibited from entering into any form of price-fixing or cartel arrangements during the tender process. Submissions must be made in sealed envelopes and deposited at PDC’s Procurement Division by 12.00 noon on 30 March 2026.

The redevelopment proposal forms part of PDC’s broader efforts to rejuvenate government land within George Town’s heritage core, where development is subject to stricter planning controls and conservation requirements. Further details, including development parameters and evaluation criteria, are contained within the full RFP document.

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