Can Indonesia turn holiday island Bali into a global financial hub?

Having a financial centre on the island will help boost national economic competitiveness, officials say

Indonesian Chief Economic Minister Airlangga Hartarto earlier this week said the government was finalising regulations to establish a financial hub in the Kura Kura Special Economic Zone (SEZ) on Serangan island, 500 metres south of Denpasar, the provincial capital of Bali.

“Indonesia is among the countries considered the safest if World War III ever breaks out. Just see how many Russians and Ukrainians are in Bali. We are planning to set up a special financial centre,” Prabowo said on April 8.

Haryo Limanseto, a spokesman with the Coordinating Ministry of Economic Affairs, said in a statement on Monday that Bali “could serve as a barometer for the financial sector”.

“The international financial centre [IFC] is a strategic step in strengthening national economic competitiveness,” Haryo said.

Source: News - South China Morning Post