Jakarta (ANTARA) – President Prabowo Subianto announced plans to establish the Indonesia Financial Center (PFII) in Jakarta and Bali.According to Prabowo, Jakarta will serve as the initial location for PFII, while the government is also preparing Bali as its next location. Similar financial centers could eventually be established in other areas considered attractive to investors and international funds.”Today, I announce the planned location for the Indonesia Financial Center. We have determined the temporary location for PFII in Jakarta, and as soon as it is ready, we will also open PFII in Bali, and possibly in other areas,” Prabowo said during his speech on the 2027 State Budget Draft and its Financial Note at the People's Consultative Assembly (MPR) Building in Jakarta on Friday.PFII will serve as a new international financial hub for Indonesia, focusing on investment, financial technology, arbitration, and commercial dispute resolution in accordance with international standards.Prabowo said PFII will consist of the PFII Advisory Council, the PFII Management Institute, the PFII Financial Services Supervisory Agency, the PFII Court under the Supreme Court, and the PFII Arbitration Institute.Under the framework, English language may be used in contracts, while the government will also allow the adoption of commercial law principles and international standards to provide greater legal certainty for businesses.Ad hoc judges may also be selected from among leading legal experts in Indonesia and around the world, Prabowo added.The president noted that PFII would create opportunities to develop a wide range of financial services, including banking, insurance, capital markets, derivatives, carbon exchanges, bullion, fintech, Islamic finance, family offices, treasury centers, and investment management.The government is also preparing various facilities to enhance PFII's appeal to international investors, including certainty regarding the transfer and repatriation of capital and profits, tax facilities for eligible activities, golden visas, and competitive licensing services.While offering various incentives and conveniences, Prabowo emphasized that the government would continue to enforce strict compliance requirements, including anti-money laundering rules, beneficial ownership transparency, tax obligations, and international information-sharing standards.”We are establishing PFII to provide global capital with certainty in Indonesia, attract the world's best talent to work here, and ensure that transactions involving Indonesian wealth are settled in Indonesia,” he said.