PFII Bill to Be Brought to Plenary Session on 21 July
The DPR’s Commission XI has approved the continuation of the discussion of the International Financial Centre (PFII) Bill to the Working Committee level, with the aim of completing it and securing approval from all factions in a Level II Plenary Session on 21 July 2026. The bill is also targeted for enactment within three months, between June and August 2026. “This means the Level I approval will be on the day before, 20 July, and the details of who will be invited for meaningful public participation will be determined at the Working Committee meeting. So I am conveying that by 21 July, it must be approved at Level II,” said Commission XI Chairman Mukhamad Misbakhun during a working meeting with the government at the Parliament Complex in Jakarta on Thursday.
During the meeting, the commission received the academic paper and the draft of the PFII Bill for further deliberation. The government and the DPR are discussing the bill as the legal foundation for establishing an international-standard financial centre in Indonesia. The government considers the regulation a strategic step to attract investment, strengthen the national financial sector, and enhance Indonesia’s global competitiveness.
Finance Minister Purbaya Yudhi Sadewa stated that drafting the bill is part of efforts to realise a stronger, more inclusive, sustainable, and globally competitive national economy, as reflected in the Asta Cita programme. He explained that Indonesia has strong capital to play a larger role in the global financial ecosystem, citing the size of the national economy, the vast domestic market, a strategic geographical position, abundant natural resources, and good long-term economic growth prospects. However, Indonesia currently lacks a financial zone specifically designed with governance, legal certainty, and institutional standards comparable to other international financial centres.
Based on this, the government proposed the establishment of the PFII as a special zone to accommodate the needs of the global financial services industry while acting as a catalyst for deepening the national financial sector. The minister added that the drafting of the PFII Bill is also mandated by Article 248A of Law Number 4 of 2026, amending the Law on Financial Sector Development and Strengthening, providing a strong legal basis for the initiative as part of the national financial sector transformation agenda. The government hopes the deliberation with the DPR will be constructive and produce a robust legal foundation for building a globally competitive Indonesian international financial centre that upholds good governance, legal certainty, and the sovereignty of the Republic of Indonesia.