Purbaya and DPR Agree International Financial Centre Law to Be Completed in 20 Days
Jakarta, CNBC Indonesia - Commission XI of the DPR, in collaboration with the government, has agreed to complete the Draft Law on the Indonesian International Financial Centre (RUU PFII) by 20 July 2026, with the aim of having it ratified as a Law during the DPR plenary session on 21 July 2026.
This agreement was reached following the 23rd Plenary Session of the DPR RI (Session V, 2025-2026), which approved the government’s proposal to include the RUU PFII in the 2026 National Legislative Program (Prolegnas) Priority on Thursday, 2 July 2026.
“I will simply state that on the 21st, at Level II (agreement in the Plenary Session), and on the 20th, at Level I (agreement by Commission XI), can this be approved? It is agreed. I have finalised it,” said the Chairman of Commission XI, Mukhamad Misbakhun, during a preliminary working meeting for the Level I discussion of the RUU PFII this afternoon.
Misbakhun explained that accelerating the discussion of the RUU PFII is crucial as it is a mandate from Law Number 4 of 2026, which amends Law Number 4 of 2023 regarding the Development and Strengthening of the Financial Sector (P2SK).
Under the latest P2SK regulations, the RUU PFII must be completed within three months after the P2SK Law was enacted in June 2026.
“We must complete this within the DPR session period, which ends on 22 July. In the next 20 days, we must manage the pace, as there will be lengthy and substantial discussions, ranging from lobbying to all other necessary steps, to fulfil the P2SK mandate of completion within 3 months,” Misbakhun stated.
Consequently, following the preliminary discussions held today and the submission of the academic paper and the Draft Law by Finance Minister Purbaya Yudhi Sadewa to the leaders of Commission XI, the working committee for the RUU PFII discussion will commence immediately.
Misbakhun noted that Commission XI has internally agreed to appoint the Vice Chairman of Commission XI from the Gerindra Faction, Mohamad Hekal, as the Chairman of the RUU PFII Working Committee.
“Further discussions in the working committee meetings will be led by Mr Hekal. We will be fully supported by the Council’s Expertise Agency,” he asserted.
“As for the details regarding who will be invited, this will be determined during the working committee meeting as part of meaningful public participation,” Misbakhun added.
During the session, Finance Minister Purbaya Yudhi Sadewa emphasised that once the RUU PFII is completed, it will serve as a strong legal foundation for the development of a globally competitive International Financial Centre in Indonesia, based on good governance and legal certainty, while upholding the sovereignty of the Republic of Indonesia.
“The government hopes that the discussion of the RUU PFII can proceed constructively and be completed in accordance with the mandate of Law Number 4 of 2026,” said Purbaya.