GEORGE TOWN, Aug. 19 -- Penang is hoping for its proposed international financial centre (PIFC) to be approved under Budget 2027.

Chief minister Chow Kon Yeow said the state hopes to pitch the proposed PIFC to the Finance Ministry with the white paper prepared by an appointed consultant.

"The purpose of the PIFC is not to compete with Kuala Lumpur, Labuan or Johor SEZ, but we need to differentiate the financial centre in Penang based on our strong foundation as a technology hub in the world and the region," he told reporters after the closing ceremony of the "Powering SemiCons: Financing Your Next Breakthrough" event here.

He said the PIFC could eventually be known as the Penang Technology Financial Centre, to better reflect its intend...