Finance Minister Purbaya Targets PFII to Commence Operations This Year

Finance Minister Purbaya Yudhi Sadewa has set a target for the Indonesia International Financial Centre (PFII) to begin operations in 2026. Speaking after a press conference on the State Budget (APBN KiTa) July 2026 edition in Jakarta on Tuesday, he noted that implementing regulations, such as a Government Regulation (PP), still need to be drafted. ‘We expect the regulations to be completed within six months,’ he said. The House of Representatives (DPR) approved the PFII Bill into law during a plenary session on Tuesday (21/7). With this legal foundation, Indonesia aims to establish a financial centre zone capable of attracting global-scale investment. Purbaya stated that the current global economic uncertainty has actually increased the need among investors for an international financial centre. ‘We hope operations can begin as soon as possible. We can strive for it this year. Why? Because uncertainty is higher, and that is when demand for a financial centre increases,’ he explained. Meanwhile, Deputy Chairman of House Commission XI, Mohamad Hekal, emphasised that the drafting of the PFII Law was not rushed, despite being accelerated to capture the opportunity of shifting global funds into Indonesia. He explained that the law is a mandate from the Financial Sector Development and Strengthening Law (P2SK), which required its completion within three months. He revealed that provisions for the PFII were initially planned to be included in the P2SK Law, but due to their broad scope, the discussion was separated into its own legislation. ‘Indeed, this is a programme that we have somewhat prioritised,’ Hekal said. He added that Indonesia wants to seize the opportunity presented by the movement of global funds amidst worldwide economic uncertainty. If Indonesia delays, the opportunity could shift to other countries that are also developing international financial centres. ‘Many other countries have recently launched new financial centres. We hear that Uzbekistan has just launched one, while Vietnam launched two at once. So, we are somewhat in a race,’ he explained.