{"id":71739,"date":"2026-07-26T08:24:01","date_gmt":"2026-07-26T00:24:01","guid":{"rendered":"https:\/\/sgbuzz.com\/?p=71739"},"modified":"2026-07-26T08:24:01","modified_gmt":"2026-07-26T00:24:01","slug":"indonesias-plan-for-a-singapore-rival-starts-to-take-shape","status":"publish","type":"post","link":"https:\/\/sgbuzz.com\/?p=71739","title":{"rendered":"Indonesia\u2019s plan for a Singapore rival starts to take shape"},"content":{"rendered":"<p><br \/>\n<\/p>\n<div id=\"\">\n<div datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1xdhyk6 ec74h0k0\"><a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/topics\/indonesia?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"noopener\"><span data-qa=\"Component-Text\" class=\"css-0 ef9u0v00\">Indonesia<\/span><\/a> wants to build a financial centre to rival Singapore, Hong Kong or Dubai, but analysts say the real work of persuading global investors has barely begun.<\/div>\n<div datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1xdhyk6 ec74h0k0\">Parliament\u2019s passage of the enabling legislation on Tuesday laid the legal foundation for the hub, marking a milestone in President <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/topics\/prabowo-subianto?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"noopener\"><span data-qa=\"Component-Text\" class=\"css-0 ef9u0v00\">Prabowo Subianto<\/span><\/a>\u2019s push to attract more foreign capital into Southeast Asia\u2019s largest economy and lift growth towards 8 per cent by the end of his term in 2029.<\/div>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Yet observers caution that the centre, which is projected to attract billions of US dollars in investment, is unlikely to deliver an overnight transformation, as crucial details surrounding tax incentives, investor requirements and regulatory safeguards are still to be finalised.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Indonesia\u2019s Investment Minister Rosan Roeslani said the legislation \u201caddressed a clear gap\u201d as despite the country\u2019s \u201cstrong economic fundamentals\u201d, it had never had a dedicated centre meeting the governance benchmarks that global financial institutions had come to expect.<\/p>\n<div class=\"image-inline-container e1a5rv550 css-1llrc1m e1yqhwb40\" data-qa=\"Component-renderMap-StyledDiv\">\n<div class=\"image-inline caption e1fvabeq0 css-19sk4h4 ea9pn0s0\" data-qa=\"Component-Container\">\n<figure class=\"image-inline caption ea9pn0s1 css-1qeofuq e1gf69pb0\" data-qa=\"ArticleImage-ArticleImageContainer\">\n<div data-qa=\"ArticleImage-handleRenderImage-ImageContainer\" class=\"css-bjn8wh e1gf69pb3\"><img decoding=\"async\" alt=\"Indonesia\u2019s President Prabowo Subianto delivers a speech during the inauguration of a bullion banking service in Jakarta last year. Photo: AFP\" data-qa=\"BaseImage-handleRenderImage-StyledImage\" class=\"e1gf69pb2 css-6ikqhs e445x7d0\" loading=\"lazy\" src=\"https:\/\/img.i-scmp.com\/cdn-cgi\/image\/fit=contain,width=1024,format=auto\/sites\/default\/files\/d8\/images\/canvas\/2026\/07\/24\/522dbdab-cb9e-4224-a16f-0ec4f71a536f_6be1c83b.jpg\" title=\"Indonesia\u2019s President Prabowo Subianto delivers a speech during the inauguration of a bullion banking service in Jakarta last year. Photo: AFP\"\/><\/div><figcaption data-qa=\"ArticleImage-DescriptionContainer\" class=\"css-1bj5zno e1gf69pb1\">Indonesia\u2019s President Prabowo Subianto delivers a speech during the inauguration of a bullion banking service in Jakarta last year. Photo: AFP<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">The new legal framework will include an arbitration body and a special court to settle disputes arising within the financial centre, alongside a supervisory board and a dedicated governmental body answerable directly to the president and parliament.<\/p>\n<\/div>\n<p><br \/>\n<center><br \/>\n<br \/><a href=\"https:\/\/www.scmp.com\/week-asia\/economics\/article\/3361783\/indonesias-plan-singapore-rival-starts-take-shape\" target=\"_blank\" rel=\"noopener\">Read Full Article At Source <\/a><br \/>\n<center\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indonesia wants to build a financial centre to rival Singapore, Hong Kong or Dubai, but analysts say the real work of persuading global investors has&#8230;<\/p>\n","protected":false},"author":1,"featured_media":71740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[2611],"tags":[],"class_list":["post-71739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-headlines","wpcat-2611-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/71739","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=71739"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/71739\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/71740"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=71739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=71739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=71739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}