Jakarta. Top financial hub Singapore welcomes Indonesia’s plan to set up a similar center in Bali to lure global wealth, saying that its creation can translate into economic boons for the island nation.

President Prabowo Subianto eyes making Bali not only a haven for tourists but also for investors as global uncertainties rise. The ambition is starting to take shape as Indonesia’s parliament has just passed major overhauls to the financial sector law that clear the way for the center’s establishment.

Singapore and Hong Kong have been the undisputed financial hub leaders in Asia.

Asked about the Bali plan, Singaporean Deputy Prime Minister Gan Kim Yong said Tuesday that his country sees the emergence of another financial hub as something that can be "mutually beneficial".

“Singapore is a very small, open country. Our economy depends on the economy of the region,” Gan told the press in Jakarta.

“When the region is able to do well, Singapore’s economy will do well. It’s in our interest to make sure Indonesia has a very strong financial center and economic fundamentals.”

He went on to say this will drive Singapore’s status as “the business hub in the region”. 

Senior lawmaker Misbakhun revealed to reporters not long ago that Indonesia’s financial center would include family offices, namely companies tasked with managing the investments of rich families. He also claimed that Indonesia should have the rules on the center no later than three months from now.

Finance Minister Purbaya Yudhi Sadewa has floated tax exemption plans for international investors who put their money in the Bali financial hub.

“Foreign money that flows [into the financial special economic zone] won’t be subject to tax. We can use it to invest in Danantara’s projects with good returns or perhaps projects outside the zone that have great prospects,” Purbaya said last month.

Singapore has long kept its first position in Indonesia’s foreign investor rankings. Throughout 2025, investment inflows from Singapore totaled $17.4 billion. The figure had reached at least $4.6 billion this year. 

Gan, at the time, had just wrapped up his annual bilateral investment talks with Indonesia’s chief economic minister Airlangga Hartarto.