Jakarta, May 4 -- The Indonesian government is preparing Bali to serve as an international financial center (IFC).

Coordinating Minister for Economic Affairs Airlangga Hartarto said the development of the Kura Kura Bali Special Economic Zone (SEZ) is being accelerated as a potential hub for the financial sector.

"Whether the Kura Kura Bali SEZ can be developed into an international financial center will be discussed directly with Danantara," Hartarto said in a statement issued in Jakarta on Monday.

The government is currently finalizing regulations to serve as the legal basis for establishing a financial-sector SEZ in Bali.

The zone is designed to accommodate the requirements of a financial center, ranging from governance schemes to t...