GEORGE TOWN, March 19 -- Penang has initiated a request for expressions of interest (EOI) to establish a Penang International Financial Centre (PIFC) in the state.

Penang Chief Minister Chow Kon Yeow said the state executive council has tasked Penang Institute with initiating the EOI to assist the state government in realizing the PIFC proposal.

"Penang Institute has been researching this for a year. At this stage, we want to expedite the process of setting up the PIFC, so the state executive council has agreed to call for EOIs to make this proposal a reality," he said at a press conference at his office in Komtar today.

He said the establishment of the PIFC aligns with the state's long-standing role as a global trading hub and its gro...