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Indonesia proposes bill to establish international financial centre

The IIFC is envisioned as a hub for financial services, financial technology development, and related support services, operating under principles of efficiency, transparency, and integrity.

Jakarta (VNA) – The Indonesian Government has proposed a bill on the Indonesia International Financial Centre (IIFC) be included in the 2026 National Legislation Programme, aiming to strengthen the country's competitiveness as an international financial centre and attract investment.

Speaking at a parliamentary working meeting in Jakarta, Indonesian Deputy Minister of Law Edward Omar Sharif Hiariej said that the proposed law would serve as the legal basis for establishing the IIFC, in line with mandates under the Financial Sector Development and Strengthening Law.

The first objective is to improve Indonesia's competitiveness as an international financial centre; second, to encourage financial sector deepening and innovation; third, to attract investment and business players from both domestic and international financial sectors, Hiariej said.

He added that the initiative also aims to facilitate financing for the real sector, national strategic projects, sustainable financing, climate-related funding, infrastructure development, and other strategic financing needs.

The official noted that Law No. 4 of 2026 on Financial Sector Development and Strengthening requires that the IIFC be regulated through specific legislation, which must be enacted within three months after the law takes effect on June 17, 2026.

The IIFC is envisioned as a hub for financial services, financial technology development, and related support services, operating under principles of efficiency, transparency, and integrity.

Following the meeting, the House of Representatives' Legislative Body approved the government's proposal to proceed with deliberations on the bill under standard legislative procedures.

Legislative Body Chair Bob Hasan urged the government to ensure meaningful public participation during the legislative process./.

VNA
#Indonesian Government #financial technology #Indonesia International Financial Centre #IIFC Indonesia
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