Under the leadership of President Prabowo Subianto, the government of Indonesia is developing an ambitious plan to turn Bali into a financial center of national and regional importance.
The goal is to establish a regional hub on the island capable of attracting international banks, investment funds, and wealth management companies. President Prabowo has already expressed support for the project, considering it a foundation for Bali's economic growth beyond tourism.
The concept draws on successful international examples, such as India's GIFT City and Dubai's DIFC, which have demonstrated the ability to stimulate economic growth and attract global corporations under strict financial supervision.
One of the options being considered is the creation of a Special Economic Zone (SEZ) in Bali with a separate legal and tax regime for financial companies and family offices. Participants are expected to be offered tax incentives, regulatory relaxations, and simplified licenses, which should make the island competitive with Singapore and Hong Kong.
The project is still in the development stage. Experts emphasize that its implementation will require significant infrastructure development—from transport and telecommunications to security systems. Representatives of Bali's regional authorities call for caution, reminding that excessive urbanization could change the island's character and affect its cultural identity.
Nevertheless, the central government considers the initiative a key step towards diversifying the economy, strengthening Indonesia's position in Southeast Asia, and reducing Bali's dependency on tourism.
Sources: radarmalioboro, idnfinancials
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