Penang technology finance initiative targets capital access for SMEs
Chow Kon Yeow said the centre could support research commercialisation and draw new investment into technology industries.
Technology start-ups and small and medium enterprises (SMEs) are among the intended beneficiaries of better access to financing through the Penang Technology Financial Centre (PTFC), Chief Minister Chow Kon Yeow told the state legislative assembly on Oct 30.
Chow said the initiative aimed to connect capital, financial services and financing options more closely to help develop technology businesses in Penang, the northern region and nationwide. He was replying to Gooi Hsiao-Leung (PH-Bukit Tengah), who asked about its expected benefits.
He said expanding artificial intelligence (AI) activity was giving local companies opportunities to build their capabilities and grow. The PTFC could encourage fresh investment and funding, with benefits extending to SMEs, start-ups and higher education institutions conducting research and development.
Chow said financing support could help research findings become commercial technology products and projects. The centre could also advance the National Semiconductor Strategy (NSS) and the New Industrial Master Plan 2030 (NIMP 2030), including support for semiconductors and advanced manufacturing.
More intensive engagement with the Finance Ministry would follow the Budget's passage, he said. This would include work towards a committee bringing together the state and federal governments to coordinate implementation.
Prime Minister and Finance Minister Anwar Ibrahim announced during the Oct 9 presentation of Budget 2027 that Penang would become the country's Technology Financial Centre. He also said a RM100 million fund would be established by Khazanah Nasional Bhd and InvestPenang for early-stage semiconductor and advanced manufacturing companies.
