DPR Targets Enactment of Financial Centre Bill on 21 July

The House of Representatives’ Commission XI and the government have begun preliminary talks on the Indonesian International Financial Centre Bill (RUU Pusat Finansial). The discussion of the legal foundation for establishing an international financial centre in Indonesia is targeted for completion before 22 July 2026. Commission XI Chairman Muhammad Misbakhun stated that the deliberations must be concluded within approximately 20 days, before the DPR sitting period ends on 22 July. “We must manage the pace so that there will be lengthy, substantive discussions, from lobbying to everything else we will do,” Misbakhun said during a meeting at the DPR building in Jakarta on Thursday, 2 July 2026. According to Misbakhun, the schedule follows the provisions stipulated in Law Number 4 of 2026 on Financial Sector Development and Strengthening (UU P2SK). The law, enacted in June 2026, mandates that the legal basis for the International Financial Centre must be completed within three months. The meeting’s agenda included the government’s explanation of the bill, general views from party factions, discussion of the deliberation timeline, submission of the academic manuscript by the government, and the formation of a working committee. The DPR agreed to appoint Commission XI Deputy Chairman from the Gerindra faction, Mohamad Hekal, as Chairman of the Bill’s Working Committee. The committee will determine who will be involved in the discussions involving public meaningful participation. Based on the meeting’s agreement, Misbakhun stated that first-level approval of the bill is targeted for 20 July 2026, to be followed by second-level approval or enactment into law at a DPR Plenary Session on 21 July 2026. Finance Minister Purbaya Yudhi Sadewa attended the meeting representing the government and submitted the academic manuscript. In his presentation, Purbaya outlined the rationale for establishing the International Financial Centre. “The government deems it necessary to establish an Indonesian international financial centre as a region with specific particularities to accommodate the needs of the global business and financial services industry,” he said. He stated that the bill’s deliberation is required to provide a strong legal foundation for the centre’s establishment as part of the national financial sector transformation agenda. Previously, a DPR plenary session on 2 July 2026 had agreed to include the International Financial Centre Bill in the 2026 Priority National Legislation Programme.