Indonesia to Establish International Financial Center in Bali, Jakarta as Transition Hub

The Indonesian government is moving forward with plans to establish an International Financial Center, with Bali designated as the primary location. Jakarta will serve as a transitional hub during the preparation period, with the center expected to be fully operational in Bali within two to three years. Minister of Investment and Industrialization and Head of BKPM Rosan Roeslani stated that President Prabowo Subianto has instructed for the plan to be immediately followed up after the relevant law is approved by the House of Representatives (DPR). During the transition, the financial center's infrastructure will first be prepared in Jakarta, followed by development in Bali. The preparation phase includes appointing a governor or leader for the financial center, an area manager, and establishing the necessary organizational structures for the institution to function. Roeslani mentioned meeting with 11 prospective investors in Bali a few days prior. These investors represent family offices and other investment groups. A family office is a company that manages the wealth and investments of one or more wealthy families. According to Roeslani, the response from these prospective investors regarding the establishment of a financial center in Indonesia has been very positive. The government anticipates that this International Financial Center will attract the attention of global investors. However, details regarding the investment value, target operational start date, and specific facilities to be offered have not yet been disclosed. The distribution of financial center activities between Jakarta and Bali after the transition period also remains unclear. Source: VOI English