Penang has been designated as Malaysia’s financial technology hub under Budget 2027, Prime Minister Anwar Ibrahim said on October 9.

To support the designation, Khazanah, Malaysia’s sovereign wealth fund, and InvestPenang, the state’s investment promotion agency, will set up a 100 million ringgit (US$24.5 million) Strategic Investment Fund.

The fund will help early-stage semiconductor and advanced manufacturing companies.

Penang is already described as the “Silicon Valley of the East” and a global hub for electronics and semiconductors.

Anwar also said the federal government had brokered a 40-year bulk water supply agreement between the Perak and Penang state governments.

The agreement could support chipmaking and advanced manufacturing, which require large amounts of water.

🔗 Source: EdgeProp